ServicePoint Investment Supports the Continued Growth of SmartSource
Pine Brook, NJ – April 3, 2024 – ServicePoint, a portfolio company of Mill Point Capital LLC (“Mill Point”), announced the acquisition of Smart Source LLC (“SmartSource” or the “Company”), a leading nationwide technology service provider.
SmartSource is focused on providing IT staffing, multi-site deployment and technical solutions, predominantly catering to VARs, OEMs, MSPs and Systems Integrators. Key end markets include financial services, hospitality, technology and retail, among others. The Company is headquartered in St. Charles, Illinois and operates throughout the United States.
With a talented management team, including Co-Founders Joe Iovinelli and Tony Iovinelli, SmartSource will continue to build upon its strong track record of growth and reliable execution. In addition, this investment immediately enhances ServicePoint’s service capabilities, customer reach and operational scale across its geographic footprint.
Jose Bernal, Chief Executive Officer of ServicePoint commented, “During the course of over 29 years, Joe and Tony have established an outstanding business renowned for delivering the highest quality services to its clients across the nation. With the addition of SmartSource to the ServicePoint platform, we will capitalize on shared resources, more opportunities and new capabilities to further grow the combined business.”
“We are thrilled to partner with the ServicePoint team to take SmartSource to the next level of growth. Our shared values of innovation, excellence and commitment to our customers make this partnership an excellent fit,” said Joe and Tony Iovinelli.
“Joe and Tony have created a tremendous business that is anchored by unmatched service delivery and industry expertise. We look forward to partnering with the entire team to continue growing the ServicePoint platform and pursuing the numerous opportunities ahead,” added Jeff Leventhal, Mill Point Executive Partner and Executive Chairman of ServicePoint.
“We have been extremely impressed by the entire SmartSource team and the strong foundation they have built. We are excited to combine resources and operational capabilities to further diversify the platform and execute on key tenets of our Value Creation Plan,” said Brandon Sarno, Vice President at Mill Point.
About Smart Source LLC
Headquartered in St. Charles, Illinois, SmartSource is a leading provider of IT staffing, multi-site deployment and technical solutions. Founded in 1996, SmartSource serves over 100 customers across various industries throughout the nation. For more information, please visit www.smartsource-inc.com.
About Mill Point Capital LLC
Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies in North America across the industrials, business services and IT services sectors. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com
Reference: https://millpoint.com/servicepoint-acquires-smartsource
