Kvadrant Consulting — Acquisition by Elixirr International
Commercial strategy and transformation consultancy Kvadrant Consulting acquired by Elixirr, illustrating the premium that can be achieved by profitable specialist consultancies with strong growth, multinational clients and differentiated sector expertise.
Acquirer
Elixirr International
Year
2026
Initial Consideration
£12.4m
Revenue
£6.2m
Adjusted EBITDA
£2.3m
Implied EBITDA Multiple
~5.4×
Industry
Management Consulting
Transaction
In January 2026, Elixirr acquired Copenhagen-based Kvadrant Consulting, a management consultancy specialising in commercial transformation, go-to-market strategy and transaction services. Kvadrant reported FY2025 revenue of approximately £6.2 million and adjusted EBITDA of approximately £2.3 million. Initial consideration comprised £9.1 million in cash and £3.3 million in Elixirr shares, giving total initial consideration of approximately £12.4 million and implying a multiple of approximately 5.4× adjusted EBITDA. A further £5.5 million of deferred consideration may become payable subject to Kvadrant achieving revenue and EBITDA-margin targets through 2028.
Why the Premium?
- Specialist commercial transformation expertise
- Strong historical growth, including 25% revenue CAGR from FY2022–FY2025
- Multinational blue-chip client base
- Transaction services and private equity exposure
- Experienced consulting team and established Nordic presence
SME Takeaway
Kvadrant demonstrates how a profitable specialist management consultancy with strong growth, established multinational clients and differentiated expertise can attract a valuation towards the upper end of the SME consulting range. The ~5.4× multiple is calculated using the £12.4 million initial consideration and approximately £2.3 million FY2025 adjusted EBITDA. The additional performance-based consideration is excluded from this multiple because it is contingent on future revenue and EBITDA-margin targets. Maximum consideration of £18.0 million would equate to approximately 7.8× FY2025 adjusted EBITDA if paid in full.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.