REG - Elixirr Intnl PLC - Acquisition of Kvadrant Consulting A/S

Elixirr InternationalAnnouncement

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RNS Number : 1442R  Elixirr International PLC  02 February 2026

ELIXIRR INTERNATIONAL PLC

Acquisition of Kvadrant Consulting A/S

Elixirr International plc (the "Company", together with its subsidiaries, the
"Group"), the established, global award-winning challenger consultancy,
announces that on 30 January 2026 it acquired the entire issued share capital
of Kvadrant Consulting A/S ("Kvadrant"), a Denmark-based consultancy
specialising in commercial transformation, go-to-market excellence and
transaction services, for a maximum consideration of DKK154.8 million
(GBP£18.0 million 1 ) (the "Acquisition").

 

Highlights

·      Kvadrant is a founder-led, fast-growing consultancy headquartered
in Copenhagen, focused on driving growth for its clients through commercial
transformation.

·      The Acquisition is the Group's eighth since its AIM IPO in 2020
and marks the second transaction since the Company joined the Main Market of
the London Stock Exchange in July 2025. It is the Group's first acquisition in
the Nordic region.

·      The Acquisition will provide the Group with a credible foothold
in the Nordic region, a high-growth and structurally attractive consulting
market with strong access to the wider European market, and will accelerate
the organic growth achieved by the Group in the Nordics over the past 12
months.

·      Kvadrant achieved 25% revenue CAGR from FY22 to FY25 and reported
FY25 sales of DKK53.2 million (GBP£6.2 million). Adjusted FY25 EBITDA is
expected to be DKK19.7 million (GBP£2.3 million). The Acquisition is expected
to be immediately earnings-enhancing.

·      In addition to Kvadrant's commercial transformation and
go-to-market expertise, the firm has built a fast-growing transaction services
capability, which is highly complementary to the Group's existing commercial
M&A offering and increases access to Private Equity and corporate M&A
mandates.

·      Kvadrant serves a mature, multinational client base across
healthcare, financial services, industrials and manufacturing, including
clients such as Velux, Nordea and Scandic, creating clear opportunities for
cross-sell across the wider Group platform.

·      Due diligence demonstrated strong client endorsement of
Kvadrant's quality and delivery, with benchmarking indicating a 43%
outperformance assessment over peers (8.8/10 vs. 6.1/10).

·      Thomas Børve-Jørgensen, Founder and Managing Partner of
Kvadrant, joins the Group as a Partner. Thomas will maintain his client-facing
role and will work with the Group to accelerate growth across Denmark, the
Nordics and continental Europe.

 

Strategic Rationale for the Acquisition

The Acquisition is aligned with the Group's ambition to enhance its commercial
strategy and go-to-market excellence, while adding complementary transaction
services capabilities. It also supports the expansion of the Group's
international footprint, anchoring a Danish hub that unlocks same-day reach
across the Nordics, Northern Europe and the DACH region. Kvadrant's
capabilities are complementary to those of the Group, and together they will
unlock a powerful global value-creation engine built to solve the toughest
commercial challenges of corporate and Private Equity clients at scale. The
Group is expected to benefit from expanded client access and cross-selling
opportunities, while Kvadrant will benefit from the Group's global client
relationships, challenger consultancy brand and centralised infrastructure to
support its continued growth and scalable expansion.

 

Consideration for the Acquisition

The maximum consideration payable under the terms of the Acquisition is
DKK154.8 million (GBP£18.0 million), consisting of:

·      Initial cash consideration of DKK78.8 million (GBP£9.1 million),
subject to customary working capital adjustments and holdbacks at completion,
which has been settled from the Group's operating cashflow and revolving
credit facility;

·      DKK28.8 million (GBP£3.3 million) to be settled through the
issuance of 415,213 new ordinary shares of 0.00005 each in the Company
("Ordinary Shares") at a price per share of GBP£8.04 ("Consideration
Shares");

·      Deferred consideration of up to DKK47.3 million (GBP£5.5
million), payable in cash or Ordinary Shares at the Company's discretion,
which is contingent on Kvadrant achieving EBITDA margin and revenue targets in
periods up to 31 December 2028.

Pursuant to nominee agreements, there is a one-year lock-in, commencing at
completion of the Acquisition, on the sale of Ordinary Shares by the Kvadrant
sellers as well as limitations on the number of Ordinary Shares that can be
sold in the three years following the expiry of the lock-in period.

 

Admission and Total Voting Rights

As referred to above, the Company will issue 415,213 Consideration Shares. The
Consideration Shares will rank pari passu with the Company's existing issued
Ordinary Shares. The Consideration Shares will be issued pursuant to the
Company's existing shareholder authorities. Application will be made to the
London Stock Exchange for the Consideration Shares to be admitted to listing
in the equity shares (commercial companies) category of the Official List of
the Financial Conduct Authority (the "FCA") and to trading on the London Stock
Exchange's Main Market for listed securities ("Admission"). It is expected
that Admission will become effective at 8.00 a.m. on 5(th) February 2026.

After Admission, the total number of Ordinary Shares in issue will be
50,031,154, and the total number of voting rights will be 50,031,154.
Following Admission, this figure may be used by Company shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest, or a change to their interest, in the share
capital of the Company under the FCA's Disclosure Guidance and Transparency
Rules.

 

Stephen Newton, Founder and Chief Executive Officer of Elixirr, commented:

"Kvadrant represents a meaningful step forward for the Group, strengthening
our capabilities and deepening our sector depth while accelerating our
presence in a high-growth market. It sharpens how we support clients through
complex commercial decisions and supports the next phase of our international
growth."

 

Thomas Børve-Jørgensen, Founder and Managing Partner of Kvadrant, commented:

"Joining Elixirr marks a significant milestone in Kvadrant's journey.
Together, we are creating a powerful platform that brings together commercial
strategy, transformation, and strong capabilities in digital, technology and
AI. This combination will enable us to serve larger and more complex clients,
enter new international markets and deliver more holistic, data-driven growth
solutions. Just as importantly, this partnership allows us to preserve and
build on Kvadrant's strong culture and performance-driven mindset, while
scaling our impact alongside a truly like-minded global team."

 

Enquiries:

For enquiries, please refer to the Company's Investor Contacts page:

https://www.elixirr.com/investors/investor-contacts
(https://www.elixirr.com/investors/investor-contacts)

Elixirr International
plc                                                                 +44
(0)20 7220 5410

Stephen Newton, Chief Executive Officer

Graham Busby, Deputy Chief Executive Officer

Nicholas Willott, Chief Financial Officer and Company Secretary

investor-relations@elixirr.com (mailto:investor-relations@elixirr.com)

Cavendish Capital Markets Ltd
(Broker)
+44 (0)20 7220 0500

Stephen Keys, Callum Davidson, Isaac Hooper (Corporate Finance),

Sunila de Silva (ECM)

 

About Elixirr International plc

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 nine
boutique firms - Den Creative, Coast Digital, The Retearn Group, iOLAP,
Responsum, Insigniam, Hypothesis, TRC Advisory, Kvadrant Consulting - to grow
the Group's capabilities, diversify the business, expand into new geographies
and access new clients.

 1  Based on a DKK to GBP exchange rate of £0.1160.

 

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