Paul Singer’s Elliott Investment Management is hoping to turn a profit from helping many of the roughly 75 million tattooed Americans remove their body art.
Elliott’s private equity business made a $50 million strategic investment in Removery, the largest specialized provider of tattoo removal and other related services in North America, according to a statement from the company. Terms of the tattoo transaction were not disclosed.
The tattoo removal business stands at about $500 million, growing at 6 percent annually, according to Removery.
The company says one-third of Americans with at least one tattoo are dissatisfied with their ink. But 45 percent of the unhappily tattooed are planning to replace the offending art — perhaps the face of a former partner or political figure — with a new one.
Removery was formed in 2019 after the merger of four tattoo removal brands. Removery’s laser specialists have made more than 250,000 removal treatments.
“Since inception, Removery has experienced significant growth and this investment from Elliott will fuel our continued expansion,” said Removery CEO Tom Weber in the statement. “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.”
An Elliott spokesperson said the investment firm thinks Removery “has significant growth potential ahead” in providing its services to “an underserved market."
Elliott isn’t the first investor in Removery. This is the third capital round for Removery since its founding and funding by Australian incubator Normanby Capital and others, including the management team.
Tattoo removal isn’t just for the youth market. Sixteen percent of people age 50 and over have a tattoo, while 27 percent of those between 40 and 49 have a tattoo, according to Removery. Forty percent of people between the ages of 26 and 40 have a tattoo. Only 36 percent of people between 18 and 25 have a tattoo.