Private Equity Acquires 3D Printing Titan Incodema3D in Landmark Deal

INDIANAPOLIS, IN – March 05, 2026 – In a significant move highlighting the escalating value of advanced manufacturing, private investment firm AFM Capital Partners Inc. has acquired a majority ownership stake in Incodema3D, one of North America's largest independent metal additive manufacturers. The deal positions the Indianapolis-based firm to capitalize on the booming demand for high-performance 3D-printed components in mission-critical sectors like defense, aerospace, and space, while providing Incodema3D with the capital to accelerate its already impressive growth.

Under the terms of the agreement, Incodema3D's founder and CEO, Sean Whittaker, along with the senior leadership team, will retain a significant equity stake and continue to helm the company's operations from its headquarters near Ithaca, New York. The partnership aims to merge AFM Capital's operational expertise and strategic resources with Incodema3D's deep technological capabilities, signaling a new phase of expansion for the additive manufacturing leader.

A Strategic Bet on an Exploding Market

The acquisition is a clear indicator of private equity's growing appetite for advanced industrial platforms. The global metal additive manufacturing market, valued at approximately $4.55 billion in 2024, is on a steep upward trajectory, with projections showing it could exceed $19 billion by 2033, driven by a compound annual growth rate of over 17%. North America currently dominates this space, and the aerospace and defense sector is its single largest consumer, accounting for roughly 35% of all applications.

For AFM Capital, which focuses on control-oriented investments in middle-market companies, Incodema3D represents a cornerstone asset. “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, in a statement. “The Company has established itself as a trusted partner to leading customers by delivering highly engineered metal components at production scale.”

This trust is built on a foundation of specialized technology and stringent quality control. Incodema3D specializes in Direct Metal Laser Sintering (DMLS), a process that uses high-powered lasers to fuse fine metal powders into complex, solid parts layer by layer. This technology enables the creation of components with intricate geometries and internal structures that are impossible to produce using traditional subtractive manufacturing methods like milling or casting. The result is lighter, stronger, and more efficient parts—a critical advantage for aerospace and defense applications where every gram and performance metric counts.

From Prototypes to a Production Powerhouse

Founded in 2014, Incodema3D has rapidly evolved from a prototyping-focused operation into a full-scale production powerhouse. The company's 60,000-square-foot advanced manufacturing facility houses one of the largest fleets of industrial metal 3D printers in North America, comprised of over 35 systems exclusively from industry leader EOS. This extensive capacity has been crucial in securing serial production contracts with prime federal contractors like Lockheed Martin and Northrop Grumman, as well as contributing to projects for NASA.

Incodema3D’s competitive edge lies not just in printing, but in its vertically integrated, hybrid manufacturing model. The company offers a complete suite of services, from Design for Additive Manufacturing (DfAM) engineering support to in-house CNC machining, post-processing, and rigorous quality assurance. This allows customers to move seamlessly from a digital design to a fully finished, production-ready part under one roof. The company's AS9100D and ITAR registrations underscore its commitment to the exacting standards of the defense and aerospace industries.

“We are excited to partner with AFM Capital,” stated 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.”

Reshaping the Industrial Supply Chain

The partnership between AFM Capital and Incodema3D is set to make significant waves in the industrial supply chain. Additive manufacturing inherently offers a solution to many longstanding logistical challenges, enabling part consolidation, dramatically reduced lead times, and on-demand domestic production. This capability has become increasingly vital amid global supply chain disruptions and a renewed focus on national security and industrial sovereignty.

By combining additive manufacturing with traditional precision machining, Incodema3D can deliver finished components that enhance performance and shorten development cycles for complex systems like missile components and aircraft frames. The investment from AFM Capital is slated to bolster these capabilities further. McTigue noted plans to “invest in capacity and large-format additive technologies, while expanding the Company’s manufacturing footprint to support long-term customer programs.”

This strategy is further supported by Incodema3D's proactive supply chain management. The company's partnership with 6K Additive ensures a secure, domestic supply of high-quality metal powders and incorporates a sustainable recycling program, reducing material costs and bolstering supply chain resilience for its defense clientele. This focus on creating a robust, domestic manufacturing ecosystem is a key value proposition in the current geopolitical landscape.

The financial backing for the deal, provided by industry giants JPMorgan Chase and Gladstone Capital Corporation, lends further weight to the venture's potential. It reflects strong market confidence not only in Incodema3D's established track record but also in the transformative power of additive manufacturing to redefine how critical components are designed, produced, and delivered across the world's most demanding industries.