Pilates reformer manufacturer Reform RX has become the first exit for the Investment Fund for Northern Ireland (IFNI) after the company was acquired by US-based connected fitness equipment leader iFIT Inc for an undisclosed sum.
The IFNI was launched by The British Business Bank to tackle an identified funding gap, with the aim of driving sustainable economic growth by supporting innovation and creating opportunities for new and scaling businesses.
The £70m fund offers businesses a range of commercial financial options including debt finance and equity investments to support businesses from all sectors in Northern Ireland and at different growth stages. Clarendon Fund Managers manages the £33m equity fund and can provide equity stakes in smaller businesses of up to £5m.
Reform RX, which is known for its high-quality connected Pilates reformers and expert-led content, closed an investment round of £1.5m in June 2024, including a £1m investment from IFNI, to fuel global expansion and drive further development of its patented technology.
Founded by functional movement specialist and Pilates expert Yvette McGaffin and Neal McGaffin in 2018, Reform RX has grown exponentially since receiving funding.
The acquisition of the company marks the first exit from the £1.6bn committed across the Nations and Regions investment funds, which the British Business Bank runs on behalf of the UK government.
Yvette McGaffin said: “This acquisition marks an exciting new chapter with a partner who truly shares our vision to expand globally and continue innovating in ways that create experiences both high-tech and deeply human. Together with iFIT, we’re shaping a future where movement becomes more intelligent, more intuitive not just for fitness, but for lifelong health and well-being.
“It’s been an incredible privilege to be part of the Northern Irish business community, a place of resilience, innovation, and immense support. As a female founder, I’m especially proud to contribute to the growing momentum around supporting women in business. I want to sincerely thank everyone who has been part of the Reform RX journey, including our dedicated investors and partners who helped bring this vision to life.”
The IFNI equity fund deployed £7.2m of equity investment in its first year of operation, leveraging a total of £17.6m of investment in seven local companies.
Claudine Owens, Senior Investment Manager at Clarendon Fund Managers, said: “We are delighted that Yvette and Neal have found a global partner in the connected fitness sector which has recognised their huge growth potential and who wants to take Reform RX to the next level. We knew from the early days that this Company was hugely ambitious and that the £1m investment from us was just a stepping stone to greater success. The Clarendon team have been pleased to support the company on their journey to acquisition and we are really excited that Northern Ireland is leading the way with the first exit from all of the British Business Bank’s regional investment funds. It speaks to the scaling potential of the innovative businesses in this region. We wish Yvette and Neal every success for this next exciting stage.”
Mark Sterritt, Director of Nations and Regions Investment Funds, British Business Bank said: “Congratulations to Yvette, Neal and the team at Reform RX on this exciting news. It was apparent immediately that this innovative company was setting a new bar in the world of Pilates equipment and that Reform RX perfectly fitted the profile of companies the investment fund is keen to support.
“For the fund to have achieved its first exit in little over a year since launch is remarkable. It is also testament to the quality of Northern Ireland’s innovative companies and to the support they are receiving from our fund managers as they navigate their growth journeys.
“We are proud to have supported Reform RX ahead of this landmark acquisition and confident there are more exits ahead for Northern Ireland businesses.”
To find out more about the Investment Fund for Northern Ireland visit http://www.investmentfundnorthernireland.co.uk
ENDS
Photo captions
(L-R) Sue Barnard, British Business Bank, Adam Kelly, British Business Bank, Yvette McGaffin and Neal McGaffin from Reform RX, Mark Sterritt, British Business Bank, and Claudine Owens, Clarendon Fund Managers.
For more information please contact:
Symon Ross at Cavendish Consulting
Symon.ross@cavendishconsulting.com
T: 07827524668
About the Investment Fund for Northern Ireland
The Investment Fund for Northern Ireland delivers a £70m commitment of new funding to smaller businesses. The fund aims to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Northern Ireland.
The Investment Fund for Northern Ireland offers two different commercial finance options of loans ranging from £25,000 to £2m and equity investments up to £5m. The fund covers the whole of Northern Ireland, including rural, coastal and urban areas.
