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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.'