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Highlights

  • Elixirr acquires TRC Advisory for up to US$125 million, its largest acquisition to date.

  • The deal increases Elixirr’s US presence and adds expertise in growth strategy, commercial effectiveness and value acceleration.

  • The acquisition is expected to be immediately earnings-enhancing, with TRC forecast to deliver US$35–37 million revenue in FY25.

Elixirr International plc (LSE:ELIX), the global challenger consultancy, has announced the acquisition of all issued and outstanding membership interests of TRC Advisory, LLC (TRC), a US-based consultancy. The transaction carries a maximum consideration of up to US$125 million, payable through a mix of cash and newly issued ordinary shares of Elixirr.

The acquisition marks the Group’s largest deal to date and its seventh since listing on AIM in 2020. It is also the first milestone transaction following Elixirr’s move to the Main Market of the London Stock Exchange in July 2025.

About TRC Advisory

Founded in 2014 and headquartered in Chicago, TRC specialises in growth strategy, commercial effectiveness, pricing excellence and resource productivity. The consultancy has established itself as a trusted partner to major clients, including several multibillion-dollar corporations, by combining data-driven analysis with pragmatic, senior-led execution.

Between 2022 and 2024, TRC doubled its average client size and recorded revenue of US$28.8 million with Adjusted EBITDA of US$13.5 million in FY24. For FY25, TRC is expected to deliver revenue in the range of US$35–37 million, with Adjusted EBITDA estimated between US$16–17 million.

Strategic Rationale and Benefits

The acquisition is closely aligned with Elixirr’s strategy to diversify its industry exposure and expand its global footprint, particularly within the US market. TRC brings complementary expertise and increases Elixirr’s ability to deliver end-to-end solutions from strategy to execution.

The combination unlocks significant cross-selling opportunities. TRC’s presence in manufacturing and industrial sectors complements Elixirr’s established base in financial services and pharmaceuticals. Additionally, Elixirr’s C-suite relationships and global reach will provide TRC’s clients access to new services and geographies.

Elixirr’s commercial due diligence confirmed TRC’s client reputation, with ratings 35 per cent above its peers and an average overall score of 8.9/10. The integration is expected to enhance service delivery and extend the Group’s portfolio across growth, digital, data, AI and innovation.

Transaction Terms

The headline initial consideration is US$57 million, consisting of US$41 million in cash and US$16 million in newly issued Elixirr shares. The cash portion will be funded through an expanded £65 million revolving credit facility with NatWest and a US$20.25 million term loan.

Deferred consideration of up to US$68 million is linked to performance-based earn-outs through FY25–28. This structure values TRC at an EV/EBITDA multiple ranging between 4.2x and 7.8x, depending on performance outcomes.

The goodwill arising from the acquisition will be tax deductible, with an estimated benefit of US$12.8 million over 15 years, increasing up to US$29.3 million if all deferred consideration is realised.

Leadership and Integration

TRC’s leadership team will join Elixirr as Partners, ensuring continuity and alignment post-acquisition. The team will also acquire Elixirr shares, with certain restrictions on disposals during the initial years.

Following integration, TRC will benefit from Elixirr’s global brand, infrastructure and support functions, including marketing, recruitment, finance and operations, enabling accelerated growth and scaling in the US.