Heartwood Partners Announces Growth Investment in Norlee Group

NORWALK, Conn., June 12, 2025 /PRNewswire/ -- Heartwood Partners^® is pleased to announce that, on October 28, 2024, in partnership with the management team who will continue to lead the Company, it made a growth investment in Norlee Group ("Norlee" or the "Company").

Headquartered in Jacksonville, Florida, Norlee is a leading multi-brand full-service provider of mission-critical electrical, mechanical, technology, fire protection, and engineering & design services. The Company serves clients across the commercial, healthcare, infrastructure, education, government, retail, institutional, multi-family, and hospitality sectors. With a workforce of approximately 600 employees, the Company offers a comprehensive suite of electrical and mechanical services, including system engineering & design-build, in-plant service & repair, underground infrastructure, and medium-to-low voltage solutions such as access control, 5G fiber optics, communication cabling, security and energy efficiency systems.

At the time of Heartwood's growth investment in Norlee, the Company operarated multiple leading service providers across Central and Northern Florida, including Adkins Electric ("AEI"), Colwill Enterprises ("CEI"), Millennium Electric ("MEI"), and Tietjen Technologies ("TTI"). Heartwood has partnered with the Norlee team, led by Wally Budgell, Norlee's founder and CEO, to support the Company's continued growth. Since the investment, the Company has completed three strategic acquisitions to further expand its service capabilities and strengthen its presence in core markets: (1) AEC Electrical ("AEC"), a Jacksonville, FL-based provider of data & communication cabling, electrical & energy management, and maintenance & repairs serving educational, commercial, and industrial clients; (2) Regency Electric Company ("RE"), a Jacksonville, FL-based provider of electrical design/build, building information modeling ("BIM"), and on-site suport & inspections services across the healthcare, commercial, sports & entertainment, and hospitality sectors; and (3) Allstate Electric ("AE"), a Jacksonville, FL-based provider of electrical and underground services serving commercial and industrial clients.

"We are delighted to partner with Wally and the rest of the Norlee team to continue executing on their vision of establishing the Company as a trusted leader in integrated electrical and mechanical solutions across the Southeastern U.S.," said Demetrios Dounis, Managing Partner, Heartwood Partners. "Norlee is a fantastic fit for Heartwood's model of backing strong management teams and applying our low-leverage strategy and growth-focused approach. The Norlee team has a track record of success, and we're excited to help them execute and accelerate their growth strategy."

"Our partnership with Heartwood Partners marks an exciting new chapter in Norlee's growth journey," said Wally Budgell, CEO of Norlee.  "Since founding Norlee, we've been committed to building a comprehensive platform of best-in-class service providers across the Southeastern U.S.  Heartwood's investment approach aligns perfectly with our vision – they understand the value of maintaining operational excellence while providing the strategic resources and capital needed to accelerate our expansion.  The successful completion of three acquisitions in less than a year following our partnership demonstrates the strength of this partnership."

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 12/31/24) 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, the Norlee Group ("Norlee") is a privately held company that specializes in electrical, mechanical, technology, fire protection, and engineering & design services 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 and Allstate Electric, Norlee provides expertise to clients in commercial, healthcare, infrastructure, education, government, retail, institutional, multi-family, and hospitality 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

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SOURCE Heartwood Partners

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