December 13, 2016
OneSource combines with Pangaea to create North America’s largest credit risk solutions firm
Calgary, Alberta – OneSource Risk Management Canada Inc. has acquired Pangaea Global Risk Management Inc, in a move that creates one of North America’s largest specialty credit risk solutions firm.
The combined entity, operating as OneSource Risk Management Canada Inc., will leverage OneSource’s industry-leading service platform and Pangaea’s unique local expertise to structure credit risk solutions for Canadian companies who want to safely grow sales domestically and abroad, protect their balance sheet against bad debt, improve their working capital situation, and/or improve their capital allocation.
“OneSource and Pangaea are a perfect fit”, according to Pangaea President Kevin Sullivan. “Pangaea’s clients will benefit from OneSource’s unparalleled service platform as well as OneSource’s experience across North America in Pangaea’s targeted sectors – energy, agriculture and resources.”
“With the acquisition of Pangaea, OneSource becomes a leader in Western Canada, expanding our footprint into Canada” says Mike DeLuca, OneSource Managing Director. OneSource currently operates in Quebec and the Maritimes and will be opening offices in strategic locations across Canada beginning in early 2017.
“Pangaea’s knowledge of the major industries in Western Canada coupled with their long-standing relationships with EDC and the licensed underwriters and banks in Canada made them an attractive target” continues DeLuca. OneSource will continue to provide innovative solutions to Western Canadian companies – like customized mark-to-market coverage on both the buy and sell side for commodity marketers.
OneSource was founded in Portland, Maine in 1998 and has grown to be North America’s largest specialist credit risk solutions firm with offices across the US and now Canada. OneSource has developed a proprietary software program that is the cornerstone of their unique and unparalleled service platform, raising service levels beyond those of any competitors in North America. Not only are OneSource clients assigned a dedicated service representative, they also have employed experts from the Insurance, Banking and Credit fields to offer a complete range of collective insight and experience, with a hands on approach.
An example of their industry-leading service level is their dedicated Credit Information Services (CIS) department. This group has helped re-instate over $300 million in previously cancelled, reduced, or declined buyer insurance coverage, allowing companies to continue trading.