AFM Capital Partners Inc, an Indianapolis-based private investment firm focused on control investments in middle-market companies, has acquired a majority ownership stake in Incodema3D Holdings, a contract manufacturer specializing in metal additive manufacturing for defense, aerospace, space, energy, and industrial applications. Financial terms of the transaction were not disclosed. Founder and CEO Sean Whittaker and the senior leadership team retained significant equity ownership and will continue to lead the business. Incodema3D will continue operating under its existing name.
Headquartered near Ithaca, New York, Incodema3D was founded in 2014 and has grown from a prototyping-focused operation into a production-scale manufacturer of metal components for high-performance applications. The firm describes the business as one of the largest independent metal additive manufacturing companies in North America. Operations are centered in a 60,000-square-foot advanced manufacturing facility housing one of the largest fleets of industrial metal 3D printers in the region. Additive manufacturing systems operate alongside subtractive machining equipment and integrated quality assurance capabilities.
Manufacturing operations focus on Direct Metal Laser Sintering, a powder bed fusion process that uses lasers to fuse layers of metal powder to form solid components. Hybrid manufacturing processes combine metal additive manufacturing with multi-axis CNC machining and finishing operations. Incodema3D provides vertically integrated services that include design for additive manufacturing engineering support, machining, post-processing coordination, inspection, and production program management. This structure allows customers to move from design and prototyping to production using a single manufacturing platform.
Incodema3D has developed a presence within defense and aerospace supply chains through its ability to manufacture complex metal components that conventional production methods cannot efficiently replicate. Hybrid manufacturing approaches allow additive manufacturing to be combined with precision machining to produce production-ready components. The company states that this model can support part consolidation and reduced lead times in manufacturing programs.
“We are excited to partner with AFM Capital,” said Sean Whittaker, Founder, President and 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.”
Mark McTigue, President and Founding Partner of AFM Capital, said the investment firm views the additive manufacturing company as a platform for expanding industrial manufacturing capacity. “Incodema3D represents exactly the type of advanced industrial platform we seek to build at AFM Capital,” McTigue said. “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.”
The additive manufacturing manufacturer holds AS9100D and ISO 9001:2015 certifications and is registered under the International Traffic in Arms Regulations (ITAR), allowing it to produce components for regulated aerospace and defense programs.
DLA Piper LLP (USA), an international law firm, provided legal counsel to AFM Capital. Debt financing for the transaction was provided by JPMorgan Chase, a global financial services firm, and Gladstone Capital Corporation, a business development company. Cantor Fitzgerald & Co., an investment bank and financial services firm, served as financial advisor to Incodema3D. Bond Schoeneck & King, PLLC provided legal counsel to the metal additive manufacturing company.
Acquisitions target value capture and integrated manufacturing in additive manufacturing
Private equity investment in additive manufacturing has increasingly shifted toward companies that capture value through production rather than equipment sales. In 2023, Chicago-based CORE Industrial Partners acquired Phoenix Proto Technologies through its portfolio company RE3DTECH + GoProto as part of a strategy focused on integrated manufacturing services. Phoenix Proto, a Michigan-based provider founded in 2008, combines additive manufacturing with CNC machining, aluminum tooling, and injection molding. This combination allows a single provider to move from prototyping to production, capturing more value per customer program than standalone additive manufacturing services..
Investment strategy in additive manufacturing has adjusted to reflect limits in hardware-led business models. According to Tali Rosman, an advisor at RHH Advisory with experience across M&A and product development, investors no longer prioritize incremental improvements in 3D printing systems. Instead, capital is directed toward companies that deliver complete manufacturing solutions tied to specific applications. Selling individual machines captures a fixed transaction value, while producing end-use parts or integrated services allows companies to participate in the larger cost savings generated for customers. This shift has led investors to prioritize acquisitions of manufacturing service providers over standalone technology vendors.
3D Printing Industry is inviting speakers for its 2026 Additive Manufacturing Applications (AMA) series, covering Energy, Healthcare, Automotive and Mobility, Aerospace, Space and Defense, and Software. Each online event focuses on real production deployments, qualification, and supply chain integration. Practitioners interested in contributing can complete the call for speakers form here.
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Featured photo shows Incodema3D Founder and CEO Sean Whittaker. Photo via Incodema3D.
