Heartwood Partners announced that its portfolio company, Norlee Group, has completed the acquisition of Inter-Bay Electric Company (IBE), a leading electrical construction firm based in Tampa, Florida. The transaction, which closed on November 5, 2025, enhances Norlee Group’s footprint in the Southeast and aligns with its strategy to broaden its electrical and mechanical service offerings across the region.
Founded in 1979, Inter-Bay Electric has earned a longstanding reputation for quality, reliability, and technical expertise in the Tampa Bay area. The company offers a comprehensive range of commercial electrical services, including new construction, site lighting, generators, and low-voltage systems, such as security and fire alarm systems. IBE’s clients include a diverse portfolio of public-sector partners such as Air Force bases and educational institutions.
Through this acquisition, Norlee Group continues to accelerate its growth across Florida, where it already operates a network of specialized companies providing electrical, mechanical, and infrastructure solutions. The addition of IBE further supports Norlee’s mission to deliver integrated engineering and construction services across commercial, institutional, and industrial sectors throughout the Southeast.
Heartwood Partners, a middle-market private equity firm founded in 1982, continues to back Norlee Group’s growth initiatives through a long-term, partnership-driven investment strategy. The firm is currently investing from Heartwood Partners IV, LP, focusing on founder, family, and management-owned businesses in industrial, consumer, and service markets.
KEY QUOTES:
“We are proud to welcome Inter-Bay Electric Company into the Norlee Group family. 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.”
Wally Budgell, CEO, Norlee Group
“Inter-Bay Electric strengthens Norlee Group’s platform in a high-growth market while expanding their service capabilities. This acquisition advances Norlee Group’s strategy of becoming the go-to provider for comprehensive electrical and mechanical solutions throughout the Southeast.”
Demetrios Dounis, Managing Partner, Heartwood Partners
