Reform RX Lands $5.1M Investment in Landmark Deal for Connected Pilates Reformer
It’s not just Pilates fitness franchises that are overperforming; the market for Pilates Reformers is just as promising
Reform RX, makers of a commercial-grade, digitally connected Pilates Reformer, have secured $5.1 million in funding led by Clarendon Fund Managers in a landmark deal that marks the largest initial investment the equity fund manager has ever made in a single Northern Ireland company.
The capital will drive Reform RX’s global expansion and advance the Reformer brand’s user experience.
Reform Rx Lands Investment from “Game of Thrones” Producer
Co-founded by functional movement specialist and Pilates expert and CEO Yvette McGaffin, alongside Neal McGaffin, Reform RX has also found an investor in television producer Bernadette Caulfield, who has trained under Yvette for years.
“I’m thrilled to continue investing in Reform RX and to be part of this incredible journey,” the “Game of Thrones” producer said. “Pilates has always been a passion of mine, and it has been a privilege to train personally with Yvette for years. Seeing the growth of Reform RX and knowing how many others are benefiting from Yvette and her team’s expertise is truly inspiring.”
Reform RX hit the ground running following its 2018 launch, generating $1 million in revenue within two weeks and selling out its initial product line in 2023’s first quarter. Users of the connected Pilates Reformer are able to participate in on-demand classes, connect to wearables and discover workout metrics, such as the total number of calories burned, total power output and heart rate zones.
Claudine Owens, investment manager at Clarendon, noted that Reform RX is an ambitious company and shares the same vision.
“It will be the must-have piece of equipment for every Reformer Pilates enthusiast and studio,” Owens said, adding that the deal’s significance reflects Clarendon’s confidence in Reform RX’s team. “I can’t wait to see how their journey develops from here,” she continued.
McGaffin added that the sizable investment will fuel the equipment brand to continue pushing the boundaries of what’s possible in Pilates.
“At Reform RX, our mission is to transform the way people work out, guiding them beyond physical fitness to a deeper mind-body connection with themselves,”
McGaffin said. “Through partnering with Clarendon Fund Managers and completing the Investment Fund for Northern Ireland deal, we are taking the next step in our company’s growth.”
Fitness Reformed
Pilates has seen a burst of energy and enthusiasm – specifically with boutique fitness Pilates brands who are capitalizing on fitness consumers’ interest in low-impact mobility, stability and strength training.
Studio Pilates International recently touted impressive records, with a 34% increase in visits from July 2023 to June 2024 compared to the previous year. A similar trend was reflected in Studio Pilates’ revenue, showing an increase of over 32% compared to the year before. The Pilates brand has new studios in the works across Australia, the U.S. and Canada and has found franchise partners in actor Jason Priestley and his wife, Naomi.
JetSet Pilates, a Miami-based modern Reformer Pilates franchise, is bolstering its fitness experience with DJ-curated playlists, an all-access membership with special perks and a 4,000-square-foot center opening in early 2025 that will host the JetSet Training Academy for instructors and serve as a hub for franchise partners, instructors and its HQ team. A new class, Fundamentals, will offer an opportunity to master Pilates basics and include targeted sessions for the core and the upper and lower body.
F45 Training, backed by actor Mark Wahlberg, has also pushed into Pilates with new brands FS8 and Vaura Pilates, a Reformer-based total-body athletic conditioning concept.
“People are increasingly recognizing its benefits and how it contributes to quality of life,” said FS8 general manager Janina Czado of the popular fitness modality. “I don’t think it’s reached its peak, and a greater focus on franchise models like FS8 will contribute to this by enabling mainstream audiences to touch these sorts of modalities.”
The Business of Pilates Reformers
And just as boutique Pilates studios are seeing high interest, the future of the Pilates equipment sector looks equally favorable. One recent market research report projects that the global Pilates Reformer market is expected to rise at a considerable rate through 2031.
Earlier this month, digital fitness solutions provider Fitness On Demand announced a deal with BodyBase, which specializes in reformer fitness machines for homes, hotels and studios. This partnership adds BodyBase’s virtual reformer and reformer flow classes to Fitness On Demand’s existing platform.
