Latest news with #ClarendonFundManagers
Belfast Telegraph
21-05-2025
- Business
- Belfast Telegraph
NI husband and wife team sell their Pilates equipment business to US firm
A Pilates equipment business in Northern Ireland founded by a husband and wife has now been sold to a US company. Reform RX, founded by Yvette and Neal McGaffin in 2018, has been purchased for an undisclosed sum by connected fitness company iFIT Inc. The deal marks the first exit for the Investment Fund for Northern Ireland Equity Fund, which backed the company with £1m last year. Reform RX operated reformer Pilates studios in Belfast and Edinburgh before the McGaffins decided to create their own Pilates apparatus. They came up with the world's first connected reformer, enabling users to take part in on-demand classes, connect to wearables and receive metrics about their workout. Mrs 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.' She said it had been an 'incredible privilege' to be part of the NI business community, describing it as '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 was launched by The British Business Bank to support innovation and create opportunities for new and scaling businesses. The £70m fund offers commercial financial options including debt finance and equity investments to support businesses. Clarendon Fund Managers manages the £33m equity fund and can provide equity stakes in smaller businesses of up to £5m. Reform RX closed an investment round of £1.5m in June last year, including the £1m from IFNI. The acquisition of Reform RX is also 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. 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 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.'
Irish Post
15-05-2025
- Business
- Irish Post
£250m in ‘crucial' funds announced for start-ups and small businesses
A NEW funding allocation of £250m has been announced to support start-ups and small businesses in Northern Ireland. Economy Minister Dr Caoimhe Archibald has confirmed a new round of Access to Finance funding from Invest NI. The portfolio of three funds includes £100m from Invest NI which is expected to attract over £150m in private sector funding. As a result, a potential total investment of more than £250million will be made over the next 10 years, the minister said in a statement this week. Pictured at the launch of the Access to Finance funding are (L-R) Kieran Donoghue, Invest NI CEO, Economy Minister Dr Caoimhe Archibald and Ian Maxwell, Invest NI Executive Director Finance 'In 2011, with many businesses struggling to access essential credit, Invest NI set up its Access to Finance Programme and it has safeguarded or created thousands of jobs,' she explained. 'There is still a strong need for government intervention on this issue and so today we launch three new funds. 'This £100million public investment is expected to attract over £150million in private finance, potentially resulting in a total investment of more than £250million over the next 10 years.' She added: 'These funds will particularly support start-ups and SMEs. 'As the backbone of our economy, access to finance for these types of businesses is crucial.' More than 1,250 businesses across Northern Ireland have benefited from Invest NI's Access to Finance funds since their launch in 2011. 'Since 2011, our Access to Finance initiative has bridged a gap in private sector funding and provided much-needed support to SMEs in Northern Ireland,' Invest NI CEO Kieran Donoghue said. 'Because of these funds, SMEs, start-ups and entrepreneurs have been able to break into new local and global markets, drive innovation, and support business expansion.' He added: 'Boosting business investment is one of six key objectives in Invest NI's three-year Business Strategy. 'For this reason, we have committed £100million across three funds – two equity and one debt – to provide access to essential investment to help our local companies grow, export and innovate. 'The scale of this funding will positively impact our economy long into the future, enabling us to grow the sustainable, competitive economy that Northern Ireland deserves.' The funds, which will be managed by FCA-approved fund managers who have responsibility for all investment decisions, include TechStart III - a £55million fund managed by TechStart Fund Managers, including a £7m Proof of Concept grant fund. This fund is designed to help budding tech entrepreneurs commercialise their ideas. The second fund is Co-Fund III - a £39m fund managed by Clarendon Fund Managers, which will invest alongside private investors and business angels. The third fund is the Small Business Loan Fund III - a £6million fund managed by Ulster Community Finance which will provide loans of between £10,000 and £125,000 for established micro-businesses and SMEs. See More: Funding, Invest NI, Northern Ireland, Small Businesses, Start-ups
