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Heartwood Continues Build of Norlee Group
- Norlee Group, a portfolio company of Heartwood Partners since October 2024, has acquired Allstate Electric.
- Norlee offers electrical, mechanical, technology, fire protection, and engineering-design services to various sectors in Central and Northern Florida through seven subsidiaries.
- Services provided by Norlee include system engineering, design-build, in-plant service, underground infrastructure work, access control, and low-to-medium voltage systems.
- Norlee has completed three acquisitions post-acquisition by Heartwood from White Wolf Capital in October 2024, including AEC Electrical, Regency Electric Company, and Allstate Electric.
- Founded in 2010, Norlee is led by CEO Wally Budgell and has its headquarters in Jacksonville, Florida, with over 600 employees.
- CEO Wally Budgell expresses excitement over the growth opportunities presented through the partnership with Heartwood Partners.
- Heartwood Partners, investing in U.S.-based companies, aims at companies with revenues between $20 million and $250 million and EBITDA between $3 million and $30 million.
- Heartwood focuses on sectors like food, agriculture, specialty chemicals, manufacturing, packaging, industrial, and consumer services.
- Heartwood is currently investing through its fourth fund, Heartwood Partners Fund IV LP, and was founded as Capital Partners in 1982, rebranding as Heartwood Partners in September 2020.
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