Removery Announces Strategic Investment from Elliott Investment Management to Accelerate Growth

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Jan 19, 2021, 09:00 ET

AUSTIN, Texas, Jan. 19, 2021 /PRNewswire/ -- Removery, the largest specialized provider of tattoo removal, change, and fade services in North America, today announced that it has received a $50 million strategic investment from affiliates of Elliott Investment Management L.P. ("Elliott"), a leading global investment management firm. Financial terms of the transaction were not disclosed.

Removery was formed in 2019 through the merger of four leading tattoo removal brands. With an extensive network of locations, deep clinical expertise and decades of collective experience, Removery offers its clients an unrivaled treatment experience. Collectively, Removery's trusted laser specialists have completed more than 250,000 safe and effective laser tattoo removal treatments.

Tom Weber, CEO of Removery, said, "Since inception, Removery has experienced significant growth and this investment from Elliott will fuel our continued expansion. We are thrilled to partner with a proven investor and look forward to leveraging Elliott's experience and resources to realize the many growth opportunities ahead. Domestic and international expansion continue to be key priorities, and we look forward to introducing consumers to the exceptional services offered by our dedicated team."

"We are excited to welcome Elliott to the Removery family and look forward to working together in the future. Elliott will be an invaluable resource to us as we continue to work towards our goal of expanding broadly across the U.S., Canada and Australia," added Mark Evans, Chairman of the Removery Board of Directors.

An Elliott spokesperson said, "We are pleased to partner with Removery's accomplished team to build upon the Company's industry-leading position. We believe Removery has significant growth potential ahead as the Company expands to meet the needs of an underserved market."

This is the third capital round for Removery since being founded and initially funded by Australian incubator Normanby Capital (headed by Mark Evans and Chris Chambers), their longtime collaborator Peter Chapman and key members of the management team. Mark, Chris and Peter are also invested through their healthcare, education and lifestyle fund, HEAL Partners, which led the second round of funding in 2020.

Jefferies LLC acted as exclusive financial advisor to Removery and MinterEllison acted as legal advisor. Ropes & Gray LLP acted as legal advisor to Elliott.

About Removery

Removery, an innovative tattoo removal company with 40 locations across the U.S. and Canada, is the largest specialized provider of tattoo removal services in North America. Its laser specialists are highly trained in Candela's state-of-the-art PicoWay® lasers. To learn more about Removery and tattoo removal, see before-and-after pictures, or schedule an in-person or virtual consultation, visit Removery.com.

Visit https://www.removery.com

About Elliott

Elliott Investment Management L.P. manages more than $41 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

About HEAL Partners:

HEAL is an early/mid-stage growth acceleration investment vehicle focused on revenue generating growth businesses in the health, education and lifestyle sectors with the potential for global scale or industry disruption. Led by a team of proven founders, investors, portfolio managers and operators, we are focused on capitalizing on opportunities created by new specialties in developed markets.

Visit https://www.healpartners.com

SOURCE Elliott Investment Management L.P.