Elixirr acquires Chicago strategy consultancy TRC Advisory
Elixirr, a London-headquartered management consulting firm, has acquired TRC Advisory, a Chicago-based strategy consulting firm.
Founded in 2014, TRC provides consulting in growth strategy and value creation, go-to-market transformation and commercial effectiveness, pricing, and resource productivity.
The boutique firm has a blue-chip client base with a strong presence in the industrial and manufacturing sectors.
TRC has more than 45 clients and has completed 100+ engagements since its founding. The firm has 50+ team members, according to its website.
Elixirr’s acquisition of TRC is its largest transaction to date and its fifth acquisition in the United States. The firm has seven US locations and will add a Chicago office through the TRC deal.
“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. That’s the Elixirr way, too.”
TRC founder and managing director Tim Romberger and 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.
“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,” said Romberger.
The TRC deal is Elixirr’s seventh acquisition since its AIM IPO in 2020 and its first since joining the main market of the London Stock Exchange in July.
The consultancy reported strong financial performance in the first half of 2025, with revenue rising 35% to £71.4 million, organic growth reaching 17%, and adjusted Ebitda rising 42% to £21.5 million.
Elixirr has 750+ employees listed on LinkedIn and 14 offices across Europe, South Africa, and the United States.
The firm provides consulting in business strategy, M&A, operations, sourcing, change management, regulatory, IT strategy, digital marketing, and digital design, among other areas.
