Exalt with high-class acclaim (7)
I believe the answer is:
upraise
'exalt' is the definition.
(thesaurus)
'with high-class acclaim' is the wordplay.
'with' means one lot of letters go next to another.
'high class' becomes 'u'.
'acclaim' becomes 'praise' (I've seen this before).
'u'+'praise' is 'UPRAISE'.
(Other definitions for upraise that I've seen before include "Exalt - elevate" , "EU pairs (anag) - lift higher" , "Erect" .)