ADDMAN DEEPENS SPACE INDUSTRY AND REFRACTORY METALS EXPERTISE VIA CASTHEON ACQUISITION

BONITA SPRINGS, Fla., Jan. 3, 2022 /PRNewswire/ -- ADDMAN Engineering ("ADDMAN") announced that it has acquired Castheon Inc. ("Castheon" or "Company"), a leading provider of additive manufacturing technologies for mission-critical space applications.

Founded in 2016 by Dr. Youping Gao, Castheon is an innovative developer of additive manufacturing processes and a leading metals additive manufacturer for demanding end markets. The Company has deep expertise in metals printing and has developed processes that promise to meaningfully expand the use of traditionally difficult to manufacture refractory metals. Castheon partners with next generation spacecraft companies to design, develop, and print complex components with quick turnaround times.

"This investment affirms ADDMAN's strategic proposition in space. We believe that the technologies created by Dr. Gao will revolutionize the additive manufacturing industry and transform thinking around component development for the end markets that Castheon serves. Dr. Gao's accomplishments represent the cutting-edge of additive manufacturing, especially in refractory metals applications and solutions for the space industry," said Joe Calmese, ADDMAN CEO.

Dr. Gao added, "Castheon has made major breakthroughs in technology to print refractory metals, including demonstrated success in difficult applications such as reaction control system ("RCS") thrusters for spacecraft customers. Castheon's technology and know-how, combined with ADDMAN's scale and resources, will supercharge the next chapter of Castheon's growth. ADDMAN brings a national manufacturing and engineering footprint with over 300 employees, dozens of additive manufacturing machines and key quality certifications, and over 100 traditional subtractive machines to Castheon's customer base."

Kevin Wilken, Partner at AIP, commented, "The ability to efficiently produce certain refractory metals via additive manufacturing is a breakthrough for customers who depend on high temperature structural components. Castheon's offerings, which include solutions to print Niobium and other refractory metals, have the potential to transform the way additive serves advanced industries. AIP is fully committed to support the continued growth of the combined company." Mr. Wilken added, "We welcome Dr. Gao to the ADDMAN team and look forward to delivering innovative solutions that enable our customers' success."

Castheon is ADDMAN's 3^rd acquisition in 10 months.

About ADDMAN Engineering
Founded in 2020, ADDMAN Engineering, LLC is a vertically integrated provider whose capabilities span the design, manufacture, machining, post-processing, and quality processes needed to take any part from concept to production. From space applications to IndyCar racing teams, medical device manufacturers to robotic integrators, ADDMAN provides customers with value-driven engineered solutions enabling exceptional speed and value through the product life cycle, using radically innovative adaption of additive manufacturing technologies. For more information on ADDMAN, visit www.ADDMANgroup.com

About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, American Industrial Partners has completed more than 100 transactions and currently has $8 billion of assets under management on behalf of leading pension, endowment, and financial institutions. For more information on American Industrial Partners, visit www.americanindustrial.com

CONTACT:
Tim Brasher
ADDMAN Engineering
Phone:(636) 699-3578
[email protected]  
9201 Cockleshell Dr
Bonita Springs, FL 34135
www.addmangroup.com

SOURCE American Industrial Partners