A private equity fund from Kazakhstan has acquired a Ukrainian construction company to participate in reconstruction efforts.

The Brickstone Private Equity Fund CEIC Ltd. (Kazakhstan) has purchased 100% of Watzenrode, a Ukrainian construction company founded in 2013 that has shown steady growth even during wartime. The new owner is connected to the largest construction group in Central Asia. With new management, Watzenrode has become the construction company with the strongest financial backing in Ukraine. This positions Watzenrode to become a key player in Ukraine’s reconstruction.

The company offers services in design, construction, and engineering. It was a subcontractor for the Chornobyl NPP confinement project, helped renovate a water supply system in Borodyanka with NEFCO, and was chosen as the general contractor for expanding the UNBROKEN Ukraine clinic in Bryukhovychy near Lviv, expected to be completed by late 2024.

In 2024, Watzenrode’s revenue reached nearly ₴369M ($8.8M), a 130% increase from 2023. Its net profit last year rose 29%, reaching ₴13.8M ($335,000).