SOL Group (SOL.MI)
Published 2026-03-16 • by capitalemployed
Thesis Summary
A high-quality industrial compounder operating in industrial gases and home respiratory healthcare, with 55% of sales tied to the healthcare sector.
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Detailed Deep Dive
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.