Michał Sołowow (born 11 July 1962 in Kielce) is łSoła Polish billionaire businessman and rally driver. His industrial group has 18 production plants in 8 countries and sells products in more than 60 countries on six continents and has over 16,000 employees.
His wealth is estimated at approx. 15,509 bn złoty (in 2021) making him the wealthiest person in Poland for fourth consecutive year (15,6 bn złoty in 2020, 13,3 bn złoty in 2019, and 11,41 bn złoty in 2018). He was one of the biggest Polish stock exchange investors (by 2017 he delisted all his major companies from Warsaw Stock Exchange) but remains one of country's top private entrepreneurs and the largest Polish private investor abroad. He is the sole shareholder of the following companies: Synthos (chemical industry), Cersanit (sanitary ceramics and tiles) and Barlinek (producer of floorboards). The three companies remain at the core of Sołowow's capital group and are his main assets.
In 2022, Forbes estimated his net worth at US$6.2 billion making him 411th wealthiest person in the world.
Business empire
Sołowow studied at Kielce University of Technology. In 1980s he earned money working in the West, so he was able to create Mitex construction enterprise in late 1980s in Kielce, when freedom of business was announced in still communist Polish People's Republic. After political and economical transformation in early 1990s, Mitex became one of bigger companies on regional construction market. Sołowow then became an active Warsaw Stock Exchange investor.
Sołowow bought shares in the chemical company Dwory (now Synthos) and funded its expansion with debt, taking advantage of low interest rates at the time. He then diversified into ceramic tiles, wood floors, real estate, new technologies and biotechnology sector. He gave up any direct management roles but is still an active investor (mostly on the private equity market).
In October 2019, Synthos Green Energy S.A., a Synthos Group company, entered into an agreement with US-Japanese GE Hitachi Nuclear Energy for cooperation in the potential construction of a nuclear power plant in Poland based on small modular reactors (SMR) BWRX-300 technology. This is the first agreement of this type concluded by a Polish private company.
Sołowow manages his assets through several funds including: Black Forest SICAV-SIF fund, FTF Columbus Fund, FTF Galleon, Magellan Pro-Equity Fund I S.A.
Sołowow also makes investments via IPOPEMA 112 FIZAN fund (e.g. Genicore, OncoArendi Therapeutics).
He is sole or key shareholder of the following companies:
Synthos S.A. (chemical industry). One of the largest Polish chemical companies. It manufactures synthetic rubber and latex, styrene materials and vinyl dispersions; Cersanit S.A. – (sanitary ceramics and tiles). As of 2019 Cersanit is the largest ceramic tiles producer in Poland and second largest in Europe with 35% market share in Poland, 8% in Germany, 50% in Romania, and 40% in Ukraine. The company is the third largest ceramic products manufacturer in Europe and seventh in the world. In 2007 Sołowow merged Cersanit with Opoczno at the time the largest ceramic tiles manufacturer in Poland and second largest in Europe. Barlinek S.A. (producer of floorboards). One of the largest manufacturers of natural wooden flooring systems in the world, and the most recognizable brand of natural floors in Poland. Barlinek floorboards are exported to 75 countries on 6 continents. In 2012 the company had 60% of the Polish floorboard market; Komfort (carpets and linings retail chain); Homla (interior decoration retail chain); Nexterio (home decor); Corab (largest manufacturer and distributor of elements for photovoltaics installations in Poland); WP Systems (maintenance services for offshore wind farms); Syntos Green Energy (part of Synthos Group, responsible for new energy projects - offshore wind, nuclear, hydrogen); New Era Materials (composite materials from epoxy resins); 3DGence (manufacturer of 3D printers); Genicore (manufacturer of ovens for composite materials production); OncoArendi (R&D of particles for the production of drugs for the treatment of inflammatory diseases and cancer; WSE-listed); ExploRNA Therapeutics (R&D of mRNA modification technologies); LifeFLow (R&D of non-invasive coronography technologies); Tikrow (online temporary work platform); GETCAR (car leasing); North Food – operator of restaurant chains in Poland and United Kingdom (North Food: fish and seafood; John Burg: New Zealand beef burgers; Veggie Hub); Yamly - a start-up company, producer and distributor of plant-based foods.
Sołowow's closed investments include: