Jacksonville-based Norlee Investments LLC announced Nov. 5 it acquired AEC Electrical Contractors.
Norlee Investments, also called The Norlee Group, is a privately held company that says it specializes in the electrical, mechanical, technology and engineering segments.
Terms of the deal were not disclosed. Norlee said the deal closed Oct. 31.
Jacksonville-based AEC Electrical Contractors, established in 1997 by Wayne Alderman and Gene Crossway, is a full-service electrical and systems integrator. It says its clients include Duval Schools, the city of Jacksonville, Florida State College at Jacksonville, the St. Johns County School District and Ring Power.
Norlee Investments companies include Adkins Electric in Jacksonville, Colwill Enterprises in Tampa, Millennium Electric in Orlando, and Tietjen CET Technologies in Atlantic Beach. In September, it sold Pacific Power & Systems of Fairfield, California, to AGD Consulting & Development LLC.
Norlee said AEC will continue to operate from its existing office in Jacksonville and Alderman and Crossway will continue as AEC group managers.
Norlee itself was also involved in a deal involving private equity companies.
It was a portfolio company of White Wolf Capital Group, a private equity firm based in Miami. On Nov. 5, White Wolf Capital announced it exited its investment in Norlee through a sale to Heartwood Partners, another private equity firm.
White Wolf said the “transaction concludes a productive partnership between White Wolf Capital and NLG’s management team, which began in July 2021. Throughout this collaboration, White Wolf worked closely with NLG to drive growth, expand its service offerings, and enhance operational efficiencies.”
The details of the sale to Heartwood was not disclosed.
Heartwood Partners is a private equity investment firm based in Norwalk, Connecticut. It has more than $1.4 billion in assets under management.