CORE Industrial Partners Acquires Incodema and Newcut to Form Incodema Holdings

AFM Capital Partners Acquires Majority Stake in Incodema3D Holdings

March 5, 2026

Industrial Services

AFM Capital Partners acquired a majority ownership interest in Incodema3D Holdings, Inc., a contract manufacturer specializing in metal additive manufacturing for mission-critical defense, aerospace, space, energy, and industrial applications. CEO Sean Whittaker and senior leadership retained significant equity and will continue to lead the business alongside AFM Capital. The investment is intended to expand production capacity, add large-format additive technologies, and grow Incodema3D’s manufacturing footprint.

CORE Industrial Partners Invests in IMMEC (Platform Investment)

August 19, 2025

Industrial Services

CORE Industrial Partners has completed a platform investment in IMMEC LLC and IMMEC Machine & Welding LLC, a Social Circle, Georgia–based full-service industrial contractor providing maintenance, retrofit, fabrication, mechanical, electrical, crane & rigging, and automation services. CORE said the investment establishes IMMEC as a platform in its Industrial Services portfolio to support growth across transportation, food & beverage, pulp & paper, government and other industrial end markets.

Incodema (CORE Industrial Partners) Acquires Centex, Laser Manufacturing, PPC and Micropulse West

April 30, 2021

Manufacturing

CORE Industrial Partners’ portfolio company Incodema Holdings, LLC acquired four precision machining businesses—Centex Machining & Welding, Laser Manufacturing, Precision Process Corporation (PPC) and Micropulse West—to expand its precision manufacturing capabilities. The add-on deals broaden Incodema’s capabilities and end-market exposure (notably medical, semiconductor and aerospace/defense) as CORE continues to consolidate precision manufacturing assets across North America.

Incodema Holdings (CORE Industrial Partners) Acquires Mark Two Engineering

January 5, 2021

Medical Devices

CORE Industrial Partners’ portfolio company Incodema Holdings acquired Mark Two Engineering, a Miami Lakes, Florida-based contract manufacturer specializing in high-precision CNC machining for medical device OEMs. The add-on strengthens Incodema’s nationwide precision manufacturing platform by adding CNC milling/turning/grinding capabilities and expands the combined group's end-market footprint in medical, electronics, aerospace & defense, and industrial sectors.

Incodema Acquires Majestic Metals

December 23, 2020

Manufacturing

CORE Industrial Partners portfolio company Incodema Holdings LLC has acquired Majestic Metals, a Denver-based precision sheet metal fabricator. The acquisition will combine Majestic Metals with Incodema, Newcut and Dahlquist Machine to expand a nationwide precision manufacturing platform and broaden capabilities across sheet metal fabrication, CNC machining and finishing for end markets including medical, aerospace & defense, and electronics.

CORE Industrial Partners Affiliate (Incodema) Acquires Dahlquist Machine

December 21, 2020

Manufacturing

An affiliate of CORE Industrial Partners, Incodema Holdings LLC, has acquired Dahlquist Machine, Inc., a Ham Lake, Minnesota-based precision CNC machining shop supplying medical device, laboratory testing equipment and other OEMs. The deal is an add-on to the Incodema platform intended to expand precision machining capabilities and reinforce the platform’s position in medical, instrumentation and industrial end markets.