Let us reformulate the statement of the theorem, to introduce a name for the subcategory that we will want to consider.
Let $\mathcal{H}$ be a locally presentable category and let $\alpha$ be a regular cardinal. Then each full subcategory $\mathcal{A}$ of $\mathcal{H}$, that is closed under limits and $\alpha$-filtered colimits, is reflective in $\mathcal{H}$.
As they already mention, every locally presentable category $\mathcal{H}$ is equivalent to a full reflective subcategory $\mathcal{H'}$ of some presheaf category $\mathbf{Set}^M$, where $\mathcal{H'}$ is closed under $\beta$-filtered colimits in $\mathbf{Set}^M$. That is, we have the following picture:
$$
\mathcal{A} \hookrightarrow \mathcal{H} \simeq \mathcal{H'} \hookrightarrow \mathbf{Set}^M.
$$
In particular, the composed inclusion $\mathcal{A} \hookrightarrow \mathbf{Set}^M$ makes it so that we can see $\mathcal{A}$ as a full subcategory of $\mathbf{Set}^M$ that is closed under $(\alpha + \beta)$-filtered colimits. Then they claim that proving that this inclusion makes $\mathcal{A}$ into a reflective subcategory of $\mathbf{Set}^M$ is enough.
Indeed it is, denote by $i: \mathcal{A} \hookrightarrow \mathcal{H}$ and $j: \mathcal{H} \hookrightarrow \mathbf{Set}^M$ the inclusions. Then the fact that $\mathcal{A}$ is reflective in $\mathbf{Set}^M$ means that we have an adjoint $F \dashv ji$. So we have natural bijections between the hom-sets as follows (for objects $A$ in $\mathcal{A}$ and $H$ in $\mathcal{H}$):
$$
\operatorname{Hom}_\mathcal{A}(Fj(H), A) \cong
\operatorname{Hom}_{\mathbf{Set}^M}(j(H), ji(A)) \cong
\operatorname{Hom}_\mathcal{H}(H, i(A))
$$
The first bijection is just the adjunction $F \dashv ji$, and the second bijection is just the fact that the inclusion $j$ is full and faithful. We thus see that $Fj \dashv i$, and so we can conclude that $\mathcal{A}$ is a reflective subcategory of $\mathcal{H}$.