AFM Capital Partners Inc (“AFM Capital”), an operationally driven private investment firm focused on control investments in middle-market companies, today announced that it has acquired a majority ownership interest in Incodema3D Holdings, Inc. (“Incodema3D” or the “Company”), a leading contract manufacturer specializing in metal additive manufacturing for mission-critical applications across Defense, Aerospace, Space, Energy, and Industrial markets. In connection with the transaction, CEO Sean Whittaker and the senior leadership team retained significant equity ownership and will continue to lead the business in partnership with AFM Capital. Incodema3D will continue to operate under its existing name.

Headquartered near Ithaca, New York, Incodema3D is one of the largest independent metal additive manufacturing companies in North America. Founded in 2014, the Company has evolved from a prototyping-focused operation into a scaled production platform serving high-performance applications that require advanced engineering, tight tolerances, and complex geometries. Incodema3D operates a 60,000-square-foot advanced manufacturing facility housing one of the largest fleets of industrial metal 3D printers in North America, supported by integrated subtractive machining and robust quality assurance capabilities.

The Company’s capabilities are anchored by deep expertise in Direct Metal Laser Sintering (DMLS) technologies and hybrid manufacturing processes, enabling customers to transition seamlessly from design and prototyping to full-rate production. Incodema3D provides a comprehensive suite of vertically integrated services, including:

• Metal additive manufacturing (DMLS)
• Design for additive manufacturing (DfAM) engineering support
• Multi-axis CNC machining and finishing
• Post-processing and heat treatment coordination
• In-house inspection and quality assurance
• Full production program management

“We are excited to partner with AFM Capital,” said Sean Whittaker, Founder, President & CEO of Incodema3D. “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.”

“Incodema3D represents exactly the type of advanced industrial platform we seek to build at AFM Capital,” said Mark McTigue, President & Founding Partner of 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.”

Incodema3D has developed a strong reputation within the Defense and Aerospace ecosystems for its ability to produce complex, high-performance metal components that traditional manufacturing processes cannot efficiently replicate. Its integrated hybrid manufacturing model—combining additive manufacturing with precision machining—enables the Company to deliver production-ready parts with enhanced performance characteristics, part consolidation benefits, and reduced lead times.

Advisors

DLA Piper LLP (USA) provided legal counsel to AFM Capital. Debt financing was provided by JPMorgan Chase and Gladstone Capital Corporation. Cantor Fitzgerald & Co. served as the exclusive financial advisor to Incodema3D in connection with the transaction. Courtney Wellar Esq. and Bond Schoeneck & King, PLLC provided legal counsel to Incodema3D.

About Incodema3D

Founded in 2014 and headquartered near Ithaca, New York, Incodema3D is a leading provider of metal additive manufacturing and hybrid manufacturing solutions. The Company specializes in Direct Metal Laser Sintering (DMLS) technologies and precision CNC machining, serving customers across defense, aerospace, energy, space, and industrial markets. Incodema3D operates a 60,000-square-foot advanced manufacturing facility equipped with one of the largest fleets of industrial metal 3D printers in North America. Incodema3D holds AS9100D and ISO 9001:2015 certifications and is ITAR registered.

About AFM Capital

AFM Capital Partners Inc (“AFM Capital”) is an Indianapolis-based private investment firm focused on operationally driven, control-oriented investments in middle-market companies. AFM Capital partners with management teams to accelerate growth, enhance operational performance, and build enduring value through hands-on support, strategic alignment, and disciplined execution. Target sectors include Advanced Industrials, Consumer Goods, and Business Services.

For more information, visit www.afmcap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305022363/en/