Private equity firm ECI Partners has raised £430m during its latest round of fundraising, just three months after its ninth fund was launched. The firm, which has offices in Manchester and London, said it was £30m above target with more than 90 per cent of the money coming from existing ECI investors. It plans to invest in buyouts, buy-ins and development capital transactions with an enterprise value of between £10m and £150m, adding to an investment portfolio that includes Crewe-based retailer Bargain Booze and Manchester-based M2 Digital. Managing director Steve Tudge told Insider the success of the fundraising had surpassed expectations. “We started in September, a week before Lehman Brothers went down, so we’re really happy to have been able to raise the funds in the current economic environment,” he said. “It’s fantastic for us and our business – we obviously have something very interesting for investors."

Manchester-based freight forwarding company Cardinal Maritime has unveiled ambitious expansion plans for 2009 as it seeks to increase its market share. Turnover increased 47 per cent to £34m for the 12 months to 31 December 2007 and the business has a strategy in place to open at least one new European office during the year, as well as making its first acquisition. Group chief executive Brian Hay told Insider that it is considering potential locations in Scandinavia and Germany and has allocated £2m of shareholder funding for an acquisition. “We recently opened an office in Holland, which has gone extremely well and see further growth coming from the European market,” he said. “It’s also the right time for the company to make an acquisition, but I think we’ll wait until the second or third quarter of 2009 as there will be better opportunities in terms of the purchase price.”