CORE Industrial Partners forms platform with acquisition of Incodema and Newchem

CORE Industrial Partners formed a platform called Incodema Holdings and completed the acquisition of Incodema, Inc., which provides services for precision sheet metal engineering. CORE also acquired Newchem, Inc., which makes photo chemical etching, as part of the Incodema platform.

Press Release

CORE Industrial Partners LLC (“CORE”), a Chicago-based private equity firm, announced today that it has formed a new platform called Incodema Holdings, LLC (the “Company”) and completed the acquisitions of Incodema, Inc. (“Incodema”), a precision sheet metal engineering solutions provider, and Newchem Inc. (“Newcut”), a leading photo chemical etching manufacturer. The Company specializes in micro, intricate parts and serves customers from prototype through high-volume production.

Founded in 2001, Incodema offers a broad array of internal sheet metal cutting and forming solutions, including laser, micro waterjet, specialty stamping, multislide and welding, among others, that allow Incodema to generate typical turnaround times of 6-8 days for complex, tight tolerance parts. Further, with the capability to design and build all tooling in house, Incodema serves as a turn-key supplier to customers as prototypes transition to longer-run production.

Founded in 1970, Newcut is one of the nation’s oldest photo chemical etching providers. With decades of experience etching dozens of different materials, including exotic materials such as Inconel 625, Newcut offers product solutions ranging from screens and filters to encoders, RIF / EMI shielding and signage, among other applications.

Both Incodema and Newcut serve diversified end markets with an expertise in the aerospace & defense, electronics and medical sectors. Based in upstate New York, the Company operates two state-of-the-art facilities and holds certifications and compliance designations including AS9100 Rev. D, ISO 9001 and ITAR.

John May, Managing Partner of CORE, said, “Our investments in Incodema and Newcut underscore CORE’s continued desire to not only invest in advanced digital manufacturing firms that align with Industry 4.0 fundamentals, but also to do so in partnership with founders and family owners. We believe access to CORE’s network and resources will prove highly impactful in both augmenting the Company’s existing operations and adding new capabilities and geographic reach.”

Matthew Puglisi, Partner of CORE, said, “The Company’s differentiated technical capabilities and demonstrated track record of effectively transitioning from prototype to production with a leading customer base are especially compelling drivers of our investment. We are looking forward to working with the Company’s talented management team to execute on a variety of near-term, transformational growth opportunities.”

Sean Whittaker, CEO and founder of Incodema and Newcut, said, “On behalf of employees at both Incodema and Newcut, we’re excited to begin this new chapter. For decades, Incodema and Newcut have successfully married industry-leading capabilities with a customer-centric orientation that allow us to devote attention to every one of our valued clients. Now, with CORE’s support, we’ll be able to expedite our exciting growth initiatives while preserving our outstanding customer service.”

Winston & Strawn LLP provided legal representation to CORE in the transaction. Stifel Global Technology Group acted as exclusive financial advisor to Incodema and Newcut in connection with this transaction.


CORE Industrial Partners is a Chicago-based private equity firm investing in North American lower middle-market manufacturing and industrial technology businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams to create unique value, grow revenues, and consistently deliver lasting results. For more information, visit


Founded in 2001, Incodema, Inc. (“Incodema”) is a leading precision sheet metal engineering solutions provider for a variety of end markets, including electronics, aerospace & defense, medical and general industrials. Based in Ithaca, New York, Incodema offers numerous in-house manufacturing capabilities to effectively serve customers from prototype through production. For more information, visit


Founded in 1970, Newchem Inc. (“Newcut”) is one of the nation’s oldest photo chemical etching providers. Combing decades of experience with a new state-of-the-art facility opened in 2018 in Newark, New York, Newcut holds an AS9100 Rev. certification and serves a diverse customer base across a variety of end markets with a focus on aerospace & defense. For more information, visit