AFM Capital Partners has acquired a majority ownership interest in Incodema3D Holdings, a contract manufacturer specializing in metal additive manufacturing for mission-critical applications across defense, aerospace, space, energy, and industrial markets.
The transaction brings the Indianapolis-based private investment firm together with Incodema3D’s existing leadership team, which will retain significant equity in the company. Founder, President and CEO Sean Whittaker and the senior leadership team will continue to lead the business as part of the partnership. Financial terms of the deal were not disclosed.
Headquartered near Ithaca, New York, Incodema3D was founded in 2014 and has grown from a prototyping-focused operation into a scaled production platform serving high-performance applications that require advanced engineering, tight tolerances, and complex geometries. The company operates a 60,000-square-foot advanced manufacturing facility that houses one of the largest fleets of industrial metal 3D printers in North America.
Incodema3D specializes in Direct Metal Laser Sintering technologies and hybrid manufacturing processes that combine additive manufacturing with traditional subtractive machining. The integrated approach allows customers to move from design and prototyping to full-rate production.
The company’s vertically integrated services include metal additive manufacturing, design for additive manufacturing engineering support, multi-axis CNC machining and finishing, post-processing and heat treatment coordination, in-house inspection and quality assurance, and full production program management.
AFM Capital said the investment will support expanded production capacity, additional additive manufacturing technologies, and a broader manufacturing footprint to support long-term customer programs in aerospace and defense markets.
The company has built a strong reputation within defense and aerospace ecosystems for producing complex metal components that traditional manufacturing processes cannot efficiently replicate. Its hybrid manufacturing model enables part consolidation, improved performance characteristics, and shorter lead times.
Legal counsel to AFM Capital was provided by DLA Piper. Debt financing for the transaction was provided by JPMorgan Chase and Gladstone Capital Corporation. Cantor Fitzgerald served as exclusive financial advisor to Incodema3D on the deal, while Courtney Wellar and Bond Schoeneck & King provided legal counsel to the company.
Founded in 2014, Incodema3D holds AS9100D and ISO 9001:2015 certifications and is registered under the International Traffic in Arms Regulations.
KEY QUOTES
“We are excited to partner with AFM Capital. AFM Capital brings operational expertise and strategic resources that will allow us to accelerate our growth, expand production capabilities, and continue investing in advanced additive technologies. Together, we are well positioned to meet the increasing demand for high-performance metal components across mission-critical Defense, Aerospace, Space, Energy, and Industrial markets. I would also like to express my appreciation to our early-stage investors for their support in helping establish our organization as a strong and trusted enterprise.”
Sean Whittaker, Founder, President & CEO, Incodema3D
“Incodema3D represents exactly the type of advanced industrial platform we seek to build at AFM Capital. The Company has established itself as a trusted partner to leading customers by delivering highly engineered metal components at production scale. We look forward to working closely with Sean and the Incodema3D team to invest in capacity and large-format additive technologies, while expanding the Company’s manufacturing footprint to support long-term customer programs.”
Mark McTigue, President & Founding Partner, AFM Capital
