Generational Group Advises DevLinks in its Sale to JHFOSTER

By Generational Group


Generational Group, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client DevLinks, Ltd. to JHFOSTER (a portfolio company of High Road Capital Partners). The transaction closed May 1, 2023.

DevLinks, located in Arlington Heights, Illinois, is a national systems integrator with a focus on tailoring robotics technology and advanced automation solutions for the plastics industry. From the project inception to completion, DevLinks’ process involves project management, mechanical engineering, robot programming, controls engineering, support and diagnostics, installation and documentation. This enables them to be a one-stop solution shop for most automation needs.

As a contract machine shop, they offer many services and capabilities, such as build-to-print assembly and retrofitting existing equipment. DevLinks operates out of a 38,000-square-foot warehouse that includes a workshop and loading docks. DevLinks was founded in 2004 by Robert Devlin.

JHFOSTER, headquartered in Eagan, Minnesota, represents a strategic collection of industry-leading manufacturers, experienced engineers, support teams and automation & robotics distributors. The Company specializes in automation motion control, compressed air, and robotics to advance technology, drive innovation forward and deliver end-to-end solutions – across the nation and around the globe.

Located in New York City, High Road Capital Partners is a private equity firm focused on buying and building leading companies at the lower end of the middle market. High Road seeks to acquire, in partnership with management, companies with revenues of $10 to $100 million and EBITDA of $3 to $10 million. High Road’s investment professionals have completed transactions with an aggregate value in excess of $2 billion and have over 70 years of combined experience.

Generational Equity Executive Managing Director of M&A – Central Region, Michael Goss, and his team, led by Senior Vice President, Jon LePage, successfully closed the deal. Senior Managing Director Eric Colton established the initial relationship with DevLinks.

“DevLinks is a phenomenal company with world-class capabilities. JHFOSTER is a tremendous organization and an excellent partner for DevLinks both culturally and operationally. The leadership teams are fantastic and exciting times are ahead at JHFOSTER,” said LePage.

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit