SOL Group (SOL)
Published 2026-03-17 • by capitalemployed
Thesis Summary
SOL Group, founded in Italy in 1927, operates a dual-engine business: industrial gases and homecare health (Vivisol). With close to €2bn in sales, they serve 50k customers across 32 countries in industrial gases and 750k patients in home respiratory care.
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Detailed Deep Dive
Baumann Capital on SOL Group 🇮🇹
Founded in 1927 in Monza, Italy, SOL emerged as a dual-engine industrial compounder with close
to €2bn in sales.
They operate both, one of Europe's leading industrial gas franchises serving 50k customers across 32 countries (think Linde or Air Liquide), as well as a homecare health business (called Vivisol) that has grown to 750k patients, making it the largest home respiratory care provider in Italy, Belgium, and the Netherlands.
Both divisions contribute about half of the business, but 55% of sales are really exposed to healthcare. Let that sink in for a second.