A&M Capital Partners LP, the flagship middle market private equity strategy of Alvarez & Marsal Capital LLC, on Wednesday, Oct. 28, said it’s acquired a majority interest in family-owned investigative and claims support services provider Delta Group Inc.

Greenwich, Conn.-based А&M Capital didn’t disclose the financial terms of the transaction.

Founded by Nancy and Ray Gillis, Buford, Ga.-based Delta Group provides tech-enabled investigative services across the insurance claims lifecycle for insurance carriers, third-party administrators, self-insured entities and law firms across all 50 states. Its platform covers 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 the company’s expansion of service lines, deployment of artificial intelligence-enabled workflows and pursuit of strategic add-on acquisitions. Delta Group’s senior leadership team, including CEO Ray Therrien, COO Sarah Duke and chief strategy officer Ross Gillis, will continue to lead the business.

The transaction marks a strategic shift for the company, which in January 2025 told The Deal that the business was planning to remain independent amid broader 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 between $100 million and $500 million and Ebitda of $10 million to $50 million, typically committing equity checks of $50 million to $200 million per transaction. The firm closed its latest flagship buyout vehicle, A&M Capital Partners III LP, in March 2024 with $2.25 billion in total capital commitments.

Piper Sandler Cos. was financial adviser to Delta Group, which turned to Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC for counsel. The Mintz team included Kurt R. Steinkrauss, Daniel Cowan and Zachary Liebnick, the Deal has learned.

Eduardo M. Leal and Jeremy Carroll of Kirkland & Ellis LLP provided counsel to A&M Capital.