At what enterprise value was TRC ADVISORY acquired in 2025?

During the acquisition of TRC ADVISORY by ELIXIRR INTERNATIONAL in 2025, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M USD. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 11.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of TRC ADVISORY when it was acquired by ELIXIRR INTERNATIONAL?

The estimated EV/EBITDA multiple for TRC ADVISORY is in the range of 5x - 12x. For comparison, the Business Services sector currently shows an average EBITDA multiple of 11.1x. Join our community for free to access full valuation data and industry trends.

When was TRC ADVISORY acquired by ELIXIRR INTERNATIONAL?

TRC ADVISORY was acquired by ELIXIRR INTERNATIONAL in 2025.

What was the revenue of TRC ADVISORY at the time of the deal?

The revenue of TRC ADVISORY at the time of the deal is estimated to be in the range of 10M - 30M USD. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of TRC ADVISORY during the acquisition?

TRC ADVISORY's EBITDA is estimated to be in the range of 5M - 25M USD. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the TRC ADVISORY acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the TRC ADVISORY deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.londonstockexchange.com/news-article/ELIX/acquisition-of-trc-advisory-llc/17240844

← DATABASE

Home Database Business ServicesTRC ADVISORY

09/2025

TRC ADVISORY acquired by ELIXIRR INTERNATIONAL

UNITED STATES Professional Services / Consulting & Audit / Strategy & Management EV 100M - 350M USD

Context

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 to the average currently observed in the Business Services sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in Business Services market trends

Target

Founded in 2014 and headquartered in Chicago, TRC Advisory is a high-growth "challenger" consultancy specializing in growth strategy, commercial effectiveness, and value acceleration. The firm helps multibillion-dollar companies define and deploy data-driven strategies to outperform competitors. Its core pillars include pricing excellence and resource productivity.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2028

2027

Similar deals in Business Services

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
10/2025	ELIXIRR INTERNATIONAL	HYPOTHESIS GROUP	UNITED STATES	Professional Services	Elixirr has acquired 100% of the Hypothesis group, its fourth acquisition in the United States, strengthening its presence in the world's largest consulting market. Elixirr was founded in 2009 to disrupt the consulting industry by trying to deliver a better model to clients and with specific expertise across digital, data, AI and innovation
10/2025	PERSOL GROUP	GOJOB	FRANCE	Professional Services	Japanese HR giant Persol acquired an 85%, facilitating a full exit for historical venture capital and impact investors including Amundi PEF, Banque des Territoires, Breega, Kois, and Alter Equity. Founder Pascal Lorne and the management team retain 15% of the equity
09/2025	TOWERBROOK	RYDGE CONSEIL	FRANCE	Professional Services	TowerBrook Fund VI completed the acquisition of RYDGE Conseil, the former chartered accountancy arm of KPMG France. This complex carve-out creates a new independent leader in the French SME services market
09/2025	SOCIETE GENERALE CAPITAL PARTENAIRES / BPIFRANCE	PARELLA	FRANCE	Professional Services	Parella successfully completed its second LBO via a club deal. The transaction marks the entry of three new partners (SGCP, BRED, Bpifrance) alongside historical investor Qualium Investissement (partner since 2018), who chose to reinvest
09/2025	PROMAN	EMBARQ	FRANCE	Professional Services	PROMAN has announced the acquisition of the HR tech scale-up Embarq. This transaction strategically propels the acquirer into a top-tier position within the "Portage Salarial" sector, effectively combining the target's high-growth digital platform with the industrial scale of a European HR giant
07/2025	UI INVESTISSEMENT / MACSF / COVEA	ADIT (AGENCE POUR LA DIFFUSION DE L'INFORMATION TECHNOLOGIQUE)	FRANCE	Professional Services	ADIT finalized its 5th LBO with the entry of 8 new investors (UI, Covea, MACSF, etc.) taking 50% of the capital for EUR270M. Historical shareholders (Sagard, Parquest, Amundi) and Management (7%) retain the remaining 50%
06/2025	ANDERA PARTNERS	SPARTES	FRANCE	Professional Services	Spartes completes a "Sponsorless" transaction with Andera Partners (Andera Acto). This operation allows the management team to reorganize the shareholder structure and provide liquidity to some historical partners without ceding control to a majority private equity fund
06/2025	IDIA CAPITAL INVESTISSEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / SOCADIF / AMETHIS	GROUPE EIF	FRANCE	Professional Services	Groupe EIF reorganizes its shareholding through its third LBO ("LBO Ter"). Five new investment funds join the capital to support the group's domestic and international development. The management team strengthens its majority position while opening the capital to all employees
06/2025	BRIDGEPOINT	ARGON & CO	FRANCE	Professional Services	Bridgepoint acquired a significant minority stake in Argon & Co, joining the existing management team and partners who retain majority ownership. The incumbent financial sponsor, Ardian (which first invested in 2020), also reinvested a minority stake in the business
04/2025	SIPAREX	NOOUS	FRANCE	Professional Services	Siparex Entrepreneurs and Bpifrance acquired a majority stake in NOOUS, marking the group's first opening of capital since its creation 25 years ago. The transaction orchestrates a managerial transition: historical founder retains a significant minority stake but passes the CEO role, while 8 key managers (7 of whom are women) invest in the company

REFERENCES

Valuation range: EV 100M - 350M USD

Revenue range: 10M - 30M USD

EBITDA range: 5M - 25M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TRC ADVISORY by ELIXIRR INTERNATIONAL are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: trc advisory

Acquirer: elixirr international