CORE Industrial Partners Affiliate (Incodema) Acquires Dahlquist Machine

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.

Cadrex (CORE Industrial Partners) Acquires IDL Precision Machining

September 20, 2022

Manufacturing

Cadrex Manufacturing Solutions, a CORE Industrial Partners portfolio company, has acquired IDL Precision Machining, a Mukilteo, Washington-based manufacturer of complex precision CNC components and assemblies serving aerospace & defense and industrial end markets. The transaction is an add-on to the recently relaunched Cadrex platform and expands the platform's precision machining capabilities and footprint in the Pacific Northwest.

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 Acquires Incodema and Newcut to Form Incodema Holdings

July 29, 2020

Manufacturing

CORE Industrial Partners formed a new platform, Incodema Holdings, and acquired precision sheet metal manufacturer Incodema and photo chemical etching provider Newcut. The combined company will serve aerospace & defense, electronics and medical end markets, with CORE citing the targets' micro‑manufacturing capabilities and proven prototype‑to‑production track record as drivers of the investment.