Acquisition of TRC Advisory set to accelerate growth and scale for Elixirr in the world's largest consultancy market
Elixirr International plc (ELIX.L) ("Elixirr"), the established, global award-winning challenger consultancy, today announces the acquisition of TRC Advisory, a fast-growing US-based consultancy specialising in growth strategy, commercial effectiveness and value acceleration for both public and PE-backed global businesses.
The deal, Elixirr's largest acquisition to date, is the firm's seventh since its AIM IPO in 2020 and first since joining the Main Market of the London Stock Exchange in July this year. It is the company's fifth in the US, adding significant scale to operations as well as accelerating Elixirr's growth in the region.
The deal follows an exceptional first half of 2025, during which Elixirr delivered record-breaking performance with revenue up 35% to £71.4m (H1 24: £53.0m), organic growth of 17% and adjusted EBITDA up 42% to £21.5m, delivered at a 30% margin.
With the acquisition, TRC brings an outstanding track record in delivering C-suite-led transformation programmes that incorporate a multi-disciplinary approach to strategy, go-to-market models, pricing disciplines and resource productivity. TRC's blue-chip client base spans industry verticals but with a clear sweet spot in the industrial and manufacturing sectors critical to growth engines of the global economy where there is a clear need for business model innovation. With this new partnership, Elixirr is now poised to deliver even more tailored, comprehensive solutions to existing and new clients as the company continues to disrupt the traditional global consulting model.
TRC's roster of blue-chip clients not only aligns with Elixirr's focus on high-performance companies but also creates natural opportunities for the consultancy to extend its leadership, operational and digital solutions into a broader network. Most critically the firm's shared challenger DNA and entrepreneurial mindset make this a natural partnership, with the acquisition unlocking considerable opportunities for growth and innovation.
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.
Commenting on the news, Stephen Newton, Founder and CEO of Elixirr, said: "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. They've earned the trust of some of the world's most ambitious clients by bringing sharp thinking and commercial impact, not just theory. That's the Elixirr way, too."
Tim Romberger, Founder and Managing Director of TRC, commented: "Elixirr is the ideal partner for TRC in enabling our next stage of growth and most importantly our principal objective of bringing the advice and support necessary for our clients to outperform. We share the same entrepreneurial DNA, client-first mindset and orientation towards tailored, data-driven strategies underpinned by stronger implementation muscles. With Elixirr's global reach, industry breadth and complementary capability set in AI, digital, operations and brand strategy we will accelerate our progress in becoming a truly disruptive force in the consulting industry."
About Elixirr
Elixirr is an award-winning global consulting firm working with clients across a diverse range of industries, markets and geographies. Founded in 2009, the firm set out to be the 'challenger consultancy' and do things differently than the large corporate consultancies dominating the industry: working openly and collaboratively with clients from start to finish, delivering outcomes based on innovative thinking, not methodology, and treating each client's business like their own. Elixirr was quoted on the AIM market of the London Stock Exchange in 2020 and listed on the Main Market of the London Stock Exchange in July 2025. In addition to strong organic growth, Elixirr has acquired eight boutique firms Den Creative, Coast Digital, The Retearn Group, iOLAP, Responsum, Insigniam, Hypothesis and TRC Advisory to grow the Group's capabilities, diversify the business, expand into new geographies and access new clients.
About TRC Advisory
TRC is a fast-growing US-based consultancy, with its primary office in Chicago. Founded in 2014 by Tim Romberger, TRC helps its clients define and deploy bespoke strategies to outperform. Its senior-led, pragmatic approach is rooted in robust data analytics but ultimately enabled by a collaborative engagement model that connects data to decision making. The firm specialises in enterprise transformation and value acceleration, underpinned by four core pillars: growth strategy, pricing excellence, commercial effectiveness and resource productivity. TRC is seen by its clients as both a trusted thought partner and a catalyst for effective implementation a positioning that differentiates it from larger, more traditional consultancies. TRC has grown rapidly and become highly respected as an alternative to those bigger brands.
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Contacts:
For more information:
Clarity Global for Elixirr
elixirr@clarity.global
