SOL Group (SOL.MI)
Published 2026-03-16 • by capitalemployed
Industrial Gases & HealthcareCompounderHealthcareIndustrial GasesEuropean Equities
Thesis Summary
A dual-engine Italian compounder operating a leading industrial gas franchise alongside a massive respiratory homecare business, with 55% of revenue exposed to healthcare.
Quantitative Overlay
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.