Key Takeaways
- • A&M Capital Partners LP, the flagship middle market private equity strategy of Alvarez & Marsal Capital LLC, acquired a majority interest in family-owned investigative and claims support provider Delta Group Inc. on Wednesday, Oct. 28, according to the announcement.
- • Financial terms of the transaction were not disclosed.
- • Delta Group, based in Buford, Ga. and founded by Nancy and Ray Gillis, provides tech-enabled investigative services across the insurance claims lifecycle to carriers, third-party administrators, self-insured entities and law firms in all 50 states.
- • A&M Capital plans to fund expansion of service lines, deployment of AI-enabled workflows and strategic add-on acquisitions, with the existing leadership team including CEO Ray Therrien, COO Sarah Duke and chief strategy officer Ross Gillis continuing to run the business.
- • The deal reverses Delta Group's January 2025 stated plan to remain independent, and A&M Capital Partners has more than $4 billion in aggregate capital commitments across three funds, including the $2.25 billion A&M Capital Partners III closed in March 2024.
Summary
A&M Capital Partners LP, the flagship middle market private equity strategy of Alvarez & Marsal Capital LLC, said on Wednesday, Oct. 28 that it has acquired a majority interest in Delta Group Inc., a family-owned investigative and claims support services provider. The Greenwich, Conn.-based firm did not disclose the financial terms of the transaction.
Delta Group, headquartered in Buford, Ga., was founded by Nancy and Ray Gillis. The company offers tech-enabled investigative services across the insurance claims lifecycle for insurance carriers, third-party administrators, self-insured entities and law firms in all 50 states. Its platform spans traditional field surveillance, unmanned surveillance through its proprietary eRemote system, special investigative unit compliance, background research and vendor management.
A&M Capital plans to support Delta Group's expansion of service lines, deployment of artificial intelligence-enabled workflows and pursuit of strategic add-on acquisitions. Senior leadership, including CEO Ray Therrien, COO Sarah Duke and chief strategy officer Ross Gillis, will continue to lead the business. The transaction is a strategic shift for the company, which told The Deal in January 2025 that it planned to remain independent amid industry consolidation, focusing on organic innovation, service quality and company culture rather than external investment.
A&M Capital Partners has more than $4 billion in aggregate capital commitments across three funds. The firm makes control investments in North American platform businesses across business services, healthcare, government services, industrials, financial services, packaging and distribution. It targets middle market platforms with enterprise values of $100 million to $500 million and EBITDA of $10 million to $50 million, typically committing equity checks of $50 million to $200 million per transaction. Its latest flagship buyout vehicle, A&M Capital Partners III LP, closed in March 2024 with $2.25 billion in total capital commitments.
Piper Sandler Cos. served as financial adviser to Delta Group, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC provided counsel, with a team including Kurt R. Steinkrauss, Daniel Cowan and Zachary Liebnick, according to The Deal. Eduardo M. Leal and Jeremy Carroll of Kirkland & Ellis LLP advised A&M Capital.
Delta Group, headquartered in Buford, Ga., was founded by Nancy and Ray Gillis. The company offers tech-enabled investigative services across the insurance claims lifecycle for insurance carriers, third-party administrators, self-insured entities and law firms in all 50 states. Its platform spans traditional field surveillance, unmanned surveillance through its proprietary eRemote system, special investigative unit compliance, background research and vendor management.
A&M Capital plans to support Delta Group's expansion of service lines, deployment of artificial intelligence-enabled workflows and pursuit of strategic add-on acquisitions. Senior leadership, including CEO Ray Therrien, COO Sarah Duke and chief strategy officer Ross Gillis, will continue to lead the business. The transaction is a strategic shift for the company, which told The Deal in January 2025 that it planned to remain independent amid industry consolidation, focusing on organic innovation, service quality and company culture rather than external investment.
A&M Capital Partners has more than $4 billion in aggregate capital commitments across three funds. The firm makes control investments in North American platform businesses across business services, healthcare, government services, industrials, financial services, packaging and distribution. It targets middle market platforms with enterprise values of $100 million to $500 million and EBITDA of $10 million to $50 million, typically committing equity checks of $50 million to $200 million per transaction. Its latest flagship buyout vehicle, A&M Capital Partners III LP, closed in March 2024 with $2.25 billion in total capital commitments.
Piper Sandler Cos. served as financial adviser to Delta Group, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC provided counsel, with a team including Kurt R. Steinkrauss, Daniel Cowan and Zachary Liebnick, according to The Deal. Eduardo M. Leal and Jeremy Carroll of Kirkland & Ellis LLP advised A&M Capital.
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