Elixirr International plc has made its first acquisition since joining the main market of the London Stock Exchange.
The London-headquartered challenger consultancy has acquired TRC Advisory, a US-based consultancy specialising in growth strategy and commercial effectiveness for both public and PE-backed global businesses, in a deal which could be worth up to $125m (£93m).
Elixirr, which joined the main market in July, says the deal is its largest to date and seventh since its AIM IPO in 2020. It is the company’s fifth in the United States. The initial considering is for $57m (£42m), with the remainder dependent upon future performance.
TRC Advisory, founded in 2014 and based in Chicago, has estimated annual revenue of $11.5m and 58 employees, according to US data platform Growjo.
In the first half of 2025 Elixirr delivered record-breaking performance with revenue up 35% to £71.4m (H1 24: £53m), organic growth of 17% and adjusted EBITDA up 42% to £21.5m, delivered at a 30% margin.
TRC’s blue-chip client base spans industry verticals but with a clear sweet spot in the industrial and manufacturing sectors.
As part of the acquisition, key members of TRC, including founder & MD Tim Romberger, alongside his senior leadership team of Mason Kissell, Cyrus Patel, Hemal Vyas, Mark Skoskiewicz, and Garan Geist, will join Elixirr as partners based in North America.
“TRC is exactly the kind of firm we look to bring into the group: bold, entrepreneurial and obsessed with delivering results that create real impact,” said Stephen Newton, founder and CEO of Elixirr.
“They’ve earned the trust of some of the world’s most ambitious clients by bringing sharp thinking and commercial impact, not just theory.”