Acquisitionverified
Norlee Group acquires Tampa commercial electrical contractor Inter-Bay Electric
What happened. Heartwood Partners-backed Norlee Group announced its acquisition of Inter-Bay Electric Company, a Tampa, Fla. commercial electrical contractor founded in 1979 that serves public-sector clients including Air Force bases and schools. Norlee CEO Wally Budgell cited Southwest Florida's growth and Inter-Bay's reputation for client service and technical expertise; Heartwood managing partner Demetrios Dounis framed the deal as advancing Norlee's strategy to become a comprehensive electrical-and-mechanical provider across the Southeast. Deal terms were not disclosed. The transaction closed November 5, 2025 per aggregator reporting, with the press release issued November 12, 2025.
Parties
- Company
- Inter-Bay Electric Company · Tampa, Hillsborough County
- Buyer
- The Norlee Group
- Capital
- Heartwood Partners
- Price
- Not disclosed
The name on the truckInter-Bay Electric Company
Tampa, Hillsborough County
Operating ownerThe Norlee Group
Jacksonville, FL
Capital behind it
Heartwood Partners
Norwalk, CT
What this kind of deal tends to mean for customers and staff: pricing · sales pressure · technicians · the exit clock.
Sources Verified — primary document
- PR Newswire (2025-11-12) — press release. Primary deal announcement with executive quotes.
- Pulse 2.0 (2025-11-12) — news. Restates deal facts and company description.
- PrivSource (2025-11-05) — other. Deal aggregator listing closing date as November 5, 2025.
Researcher notes: Price and employee count not disclosed by either party.
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