Norlee Group Announces Acquisition of Inter-Bay Electric Company

NORWALK, Conn., Nov. 12, 2025 /PRNewswire/ -- Heartwood Partners is pleased to announce that Norlee Group has acquired Inter-Bay Electric Company ("IBE"), a well-established electrical construction firm in Tampa, Florida. The transaction, finalized on November 5, 2025, further strengthens Norlee Group's ("Norlee") market presence and reinforces its ongoing strategy to expand capabilities and services across Florida and the broader Southeast region.

Founded in 1979, Inter-Bay Electric is a trusted electrical contractor serving the Tampa Bay area with a long-standing reputation for quality and reliability. IBE specializes in commercial electrical projects ranging from new construction and improvements to site lighting, generators, and low-voltage systems, including security and fire alarms. With decades of experience supporting a wide array of clients from Air Force bases to schools, IBE remains committed to delivering excellence and professionalism on every project for its public-sector partners.

"We are proud to welcome Inter-Bay Electric Company into the Norlee Group family," said Wally Budgell, CEO of Norlee Group. "Southwest Florida's growth trajectory is exceptional, and Inter-Bay Electric has built a strong reputation in this market. Their approach to client service and technical expertise fits perfectly with how we operate. This partnership positions us well for the next phase of our regional expansion."

"Inter-Bay Electric strengthens Norlee Group's platform in a high-growth market while expanding their service capabilities," said Demetrios Dounis, Managing Partner, Heartwood Partners. "This acquisition advances Norlee Group's strategy of becoming the go-to provider for comprehensive electrical and mechanical solutions throughout the Southeast." 

Heartwood Partners: Heartwood Partners, a middle market private equity firm founded in 1982, is differentiated by a unique lower-leverage, current cash yield approach designed to create partnership with continuing management. Our approach combines a conservative capital structure with strategic execution to support long-term growth, including organic and acquisition-driven expansion into new products, services, and end markets. In addition, we support each management team with our in-house Value Creation team who provide deep, subject-matter experience in strategic areas such as eCommerce and digital marketing, human capital and organizational design, IT improvement, and acquisition integration. We currently manage over $1.3 billion (as of 12/31/2024) in investments and commitments, and our principals have invested in more than 100 platform and add-on acquisitions. Heartwood is currently investing from Heartwood Partners IV, LP, and is focused on founder, family and management-held businesses serving the niche manufacturing, specialty chemicals, food, agriculture, packaging, and industrial & consumer services markets. For additional information about Heartwood, please visit www.heartwoodpartners.com.

Norlee Group: Headquartered in Jacksonville, Florida, Norlee Group delivers integrated solutions in electrical, mechanical, low-voltage, design/build engineering, underground infrastructure, and ongoing service and maintenance for clients in the Southeastern U.S.  With a growing portfolio that includes Adkins Electric, Colwill Enterprises, Millennium Electric, Tietjen Technologies, AEC Electrical, Regency Electric, Allstate Electric, Beaumont Electric, and Inter-Bay Electric, Norlee provides expertise to clients in the commercial, education, healthcare, hospitality, industrial, institutional, manufacturing, multi-family, and residential sectors. Norlee serves an array of clients, from government entities and general contractors to property developers, corporations, and small businesses, delivering solutions tailored to their unique needs. For additional information on Norlee, please visit https://norleegroup.com/.

CONTACT: Name: Michelle Ryan
Email: [email protected]
Phone: 203-945-0432

SOURCE Heartwood Partners