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.”
Please contact the following members of the investment team at Heartwood Partners with investment or add-on opportunities:
Demetrios Dounis | Managing Partner
ddounis@heartwoodpartners.com
John Willert | Partner
jwillert@heartwoodpartners.com
John Newman | Managing Director
James Jang | Principal
Drew Greene | Senior Associate
Adams Robinson | Associate