Elixirr Bolsters US Presence with Strategic Acquisition of TRC Advisory
Elixirr International plc (ELIX.L), the globally recognized challenger consultancy known for its innovative approach to solving complex business challenges, has announced the acquisition of TRC Advisory. This marks Elixirr’s largest acquisition to date and underscores its commitment to scaling operations and accelerating growth in the United States—the world’s largest consultancy market. The deal also deepens Elixirr’s strategic capabilities, enabling it to deliver even more tailored and comprehensive solutions to its clients.
This acquisition is Elixirr’s seventh since its AIM IPO in 2020 and its first since transitioning to the Main Market of the London Stock Exchange in July 2023. It is also the company’s fifth acquisition in the US, further solidifying its presence in a region critical to its global expansion strategy. With this move, Elixirr is poised to leverage TRC Advisory’s expertise to enhance its offerings and drive innovation across its portfolio.
A Record-Breaking First Half of 2025
The announcement comes on the heels of an exceptional first half of 2025 for Elixirr. During this period, the consultancy achieved record-breaking financial performance, with revenue climbing 35% to £71.4 million (up from £53.0 million in H1 2024). Organic growth stood at 17%, while adjusted EBITDA surged 42% to £21.5 million, reflecting a robust 30% margin. These results highlight Elixirr’s ability to deliver consistent value to its clients while maintaining strong profitability.
The acquisition of TRC Advisory aligns perfectly with Elixirr’s growth trajectory. As a fast-growing consultancy based in the US, TRC specializes in growth strategy, commercial effectiveness, and value acceleration for both publicly traded companies and private equity-backed businesses. Its expertise spans multiple industries, with a particular focus on industrial and manufacturing sectors—key drivers of the global economy that demand innovative business models and transformational strategies.
Unlocking New Opportunities Through Synergy
TRC Advisory brings a proven track record of delivering C-suite-led transformation programs characterized by a multi-disciplinary approach. Its services encompass strategy development, go-to-market models, pricing disciplines, and resource productivity initiatives—all designed to drive measurable impact for clients. By integrating TRC’s capabilities into its existing framework, Elixirr can now offer a broader range of solutions that combine strategic insight with actionable implementation.
TRC’s blue-chip client base overlaps significantly with Elixirr’s focus on high-performance organizations, creating natural opportunities to extend leadership, operational, and digital solutions to a wider audience. Moreover, the shared challenger DNA and entrepreneurial mindset between the two firms make this partnership a natural fit. Together, they are well-positioned to disrupt the traditional consulting model and deliver transformative outcomes for clients.
Leadership Integration and Future Growth
As part of the acquisition, key members of TRC Advisory will join Elixirr as Partners based in North America. This includes Founder and Managing Director Tim Romberger, along with his senior leadership team comprising Mason Kissell, Cyrus Patel, Hemal Vyas, Mark Skoskiewicz, and Garan Geist. Their expertise and vision will play a pivotal role in driving Elixirr’s continued success in the region.
Stephen Newton, Founder and CEO of Elixirr, expressed enthusiasm about the acquisition, stating: “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 echoed this sentiment, adding: “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.”
Why This Acquisition Matters
In today’s rapidly evolving business landscape, companies need consultancies that can deliver not only strategic insights but also practical solutions that drive tangible results. Elixirr’s acquisition of TRC Advisory positions the firm to meet this demand head-on. By combining TRC’s specialized expertise with Elixirr’s global platform, the consultancy can address a broader array of challenges faced by businesses across industries.
Furthermore, the acquisition strengthens Elixirr’s foothold in the US market, which remains a cornerstone of its growth strategy. With TRC’s deep experience in industrial and manufacturing sectors, Elixirr can tap into emerging opportunities in these critical areas, helping clients navigate complex transformations and unlock new avenues for growth.
A Bold Step Toward the Future
The acquisition of TRC Advisory represents a bold step forward for Elixirr as it continues to redefine the consulting landscape. By expanding its capabilities, leadership team, and geographic footprint, Elixirr is better equipped than ever to challenge the status quo and deliver unparalleled value to its clients.
As the consultancy industry evolves, Elixirr’s commitment to innovation, collaboration, and impactful solutions ensures that it remains at the forefront of change. With this acquisition, the firm is not only scaling its operations but also setting the stage for sustained growth and success in the years to come.
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.
