A&M Capital takes majority stake in Delta Group

A&M Capital acquired a majority interest in Delta Group on 28 October 2026, through A&M Capital Partners, its strategy for control investments in North American mid-market companies. Chief executive Ray Therrien, chief operating officer Sarah Duke and chief strategy officer Ross Gillis stayed at the head of the business. Founded in 1984 by Nancy and Ray Gillis and based in Buford, Georgia, Delta Group investigates insurance claims on behalf of the companies paying them. When an insurer doubts a claim, it commissions surveillance: investigators observe the claimant, record what they do and produce evidence that will hold up if the claim is contested. Delta Group carries out that work through a national network of field investigators, supplements it with its own eRemote system, which watches a location without an investigator present, and runs the compliance function insurers must maintain to detect fraud. It also conducts background research and manages the other suppliers its clients use. Its customers are insurance carriers, third-party administrators, self-insured companies and law firms, served in all 50 states. The business turns on a combination that is hard to assemble: investigators must be local, since surveillance requires someone who knows the area and can be there within hours, yet national insurers want a single supplier covering every state. Most competitors are regional firms, which is why the market remains fragmented and why a national operator holds a position the others cannot easily contest. A&M Capital backed the widening of the service range, further investment in the technology and the artificial intelligence applied to the workflow, and acquisitions. The firm had more than 4 billion dollars of commitments across three funds in that strategy, targeting companies with enterprise values between 100 and 500 million dollars and EBITDA between 10 and 50 million. Piper Sandler acted as exclusive financial adviser to Delta Group, with Mintz, Levin, Cohn, Ferris, Glovsky and Popeo as legal counsel, while Kirkland & Ellis advised A&M Capital.