Motherwell’s BioAscent recognised for exceptional performance | BVCA | British Private Equity & Venture Capital Association
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Motherwell’s BioAscent recognised for exceptional performance

Publish Date 4 Nov 2022
Categories Awards
BioAscent Discovery Ltd, based in Motherwell, has been recognised for its exceptional performance in 2021.
The laboratory-based drug-discovery contract research organisation (CRO) supports pharmaceutical companies, biotechs and academic groups across the globe. The company is a leading provider of integrated drug discovery services and expertise including medicinal and synthetic chemistry, computational chemistry and compound management.

BioAscent’s recognition comes as part of the British Private Equity and Venture Capital Association’s (BVCA) ‘Vision 2022’ initiative.

Vision 2022, produced in collaboration with Grant Thornton, shines a light on the best management teams backed by the BVCA’s private equity and venture capital members. Maven Capital Partners, a leading provider of growth funding to businesses all over the UK, has supported BioAscent since June 2018.

Judging criteria includes growth, competitiveness, innovation and ESG factors, and judges consider the firms’ focus on the future as well as past performance.

In BioAscent’s case, it was recognised for achieving incredible growth: the business doubled in revenue and tripled its headcount in the past couple of years. The judging panel noted that this was even more impressive given that they’re competing against major global players in the contract research field. BioAscent’s strong ESG agenda and its creation of high-quality jobs in Scotland was also a key factor in the judges’ decision.

Ian McDonald, Finance Director at BioAscent received a trophy at a ceremonial dinner in Edinburgh on the evening of Thursday 3 November.

Read the judging booklet


BVCA Director General, Michael Moore, said:

“Private equity and venture capital are supporting businesses across Scotland to innovate, grow, create jobs and bring value to the communities they operate in.

“BioAscent is a leading example of how a business can grow with the funding, business expertise and hands-on management approach synonymous with private capital.”

Neil McInnes, Corporate Finance Partner at Grant Thornton, said:

"The Vision 2022 awards show how private equity investment is bringing the best out of business across Scotland. We are delighted to see the team at BioAscent recognised for their outstanding growth over the past couple of years, going from good to great by innovating, growing sustainably and creating jobs and wealth across our region, competing with large pharma internationally.

"Private equity is an essential element of the funding landscape in the UK mid-market where we are most active and we are delighted to support the awards programme and to celebrate the superb contribution the management teams of Scotland’s PE backed businesses make to the regional economy.”

Paul Smith, CEO at BioAscent said:

“BioAscent offers enviable, world-class expertise in the key drug discovery disciplines of biosciences, medicinal chemistry, computational chemistry and compound management to the increasing number of companies that are outsourcing their drug discovery. The 2018 investment from Maven allowed us to add biosciences and chemistry services to the existing compound management offering, driving BioAscent’s growth from 7 staff at the start of 2018 to over 88 staff now.”


Two further Scottish businesses, also both backed by BVCA private equity and venture capital members, were earmarked by the judges as “ones to watch”.

These were the lettings and estate agency group, Lomond Group, which scored highly in the “competitiveness” category given its acquisitive growth in 2021, and Murgitroyd, a specialist in patent and trademark legal advice, for its organic growth and expansion in the US.

You can read more about the BioAscent in the judging booklet here, or more about Vision 2022 on its webpage, here.

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Notes to editors

About the British Private Equity & Venture Capital Association

The BVCA, as the representative body for private equity and venture capital, connects institutional investors, fund managers, companies, advisers and service providers together, with our membership currently comprising more than 700 businesses from across the private capital ecosystem. This includes more than 325 PE and VC firms, 100 institutional investors and 220 professional services firms.

Private capital drives growth – providing the funding, expertise and long-term view that enables companies to innovate and flourish. Our mission is to advocate the transformative nature of the private equity and venture capital community.