Elixirr International plc (ELIX.L) (“Elixirr”), the established, global award-winning challenger consultancy, 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.
Stephen Newton, Founder and CEO of Elixirr, commented:
“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.”
Sourced from TRC Advisrory