Acquisition of Kvadrant Consulting A/S

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

Elixirr International plc                                                                 [phone]  

Stephen Newton, Chief Executive Officer

Graham Busby, Deputy Chief Executive Officer

Nicholas Willott, Chief Financial Officer and Company Secretary

[e-mail]

Cavendish Capital Markets Ltd (Broker)                                    [phone]

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.

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

 

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