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.
