Elixirr acquired 100% of TRC Advisory, which represents Elixirr's largest acquisition to date and its fifth in the US, significantly scaling its North American presence. The deal is structured with an initial payment of US$57 million (mix of cash and shares), followed by performance-based top-ups and earn-outs. The acquisition provides immediate earnings enhancement and unlocks major cross-selling opportunities, particularly by introducing Elixirr's AI and digital capabilities to TRC's industrial and manufacturing clients.

TRC ADVISORY, which reported an EBITDA margin of LOGIN in 2028, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 11.1x average currently observed in the Business Services sector.

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