Michał Sołowow

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Michał Sołowow
BornJuly 11, 1962 (1962-07-11) (age 59)
Kielce, Poland
CitizenshipPoland
EducationKielce University of Technology
OccupationBusinessman
Known forRichest man in Poland
Spouse(s)Married
Children3
Sołowow driving a Peugeot 207 S2000

Michał Sołowow (born July 11, 1962 in Kielce) is a Polish billionaire businessman and rally driver.[1] 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.[2]

His wealth is estimated at approx. 15,509 bn złoty (in 2021) making him the wealthiest person in Poland[3] for fourth consecutive year (15,6 bn złoty in 2020,[4] 13,3 bn złoty in 2019,[5] and 11,41 bn złoty in 2018[6]). He was one of the biggest Polish stock exchange investors (by 2017 he delisted all his major companies[7] from Warsaw Stock Exchange[8]) but remains one of country's top private entrepreneurs and the largest Polish private investor abroad.[9] 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 2021, Forbes estimated his net worth at 3,9 bn USD making him 494th wealthiest person in the world.[7]

Business empire[]

Sołowow studied at Kielce University of Technology.[10] 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.[10] 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.[10]

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.[11] 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,[12] FTF Columbus Fund, FTF Galleon,[13] Magellan Pro-Equity Fund I S.A.[14]

Sołowow also makes investments via IPOPEMA 112 FIZAN fund (e.g. Genicore,[15] OncoArendi Therapeutics[16]).

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;[17]
  • 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.[18] In 2007 Sołowow merged Cersanit with Opoczno[19] at the time the largest ceramic tiles manufacturer in Poland and second largest in Europe.[20]
  • 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.[21] In 2012 the company had 60% of the Polish floorboard market;[22]
  • Komfort (carpets and linings retail chain);[23]
  • Homla (interior decoration retail chain);[24]
  • Nexterio (home decor);[25]
  • Corab (largest manufacturer and distributor of elements for photovoltaics installations in Poland);[26]
  • WP Systems (maintenance services for offshore wind farms);[27][28]
  • Syntos Green Energy (part of Synthos Group, responsible for new energy projects - offshore wind, nuclear, hydrogen);[29]
  • New Era Materials (composite materials from epoxy resins);[30]
  • 3DGence (manufacturer of 3D printers);[31]
  • Genicore (manufacturer of ovens for composite materials production);[32][33][15]
  • OncoArendi (R&D of particles for the production of drugs for the treatment of inflammatory diseases and cancer; WSE-listed);[16]
  • ExploRNA Therapeutics (R&D of mRNA modification technologies);[34]
  • LifeFLow (R&D of non-invasive coronography technologies);[35]
  • Tikrow (online temporary work platform);[36]
  • GETCAR (car leasing);[37]
  • North Food – operator of restaurant chains in Poland and United Kingdom (North Food: fish and seafood; John Burg: New Zealand beef burgers; Veggie Hub);[38]
  • Yamly - a start-up company, producer and distributor of plant-based foods.[39]

Sołowow's closed investments include:

  • Max (food retail chain) - founded in 1992 and sold to Dutch group Ahold in 1996;[40]
  • NOMI (first DIY retail chain in Poland) - founded in 1994 and sold in 1999 to Kingfisher plc;[41]
  • Exbud (construction)- minority stake sold to Swedish Skanska in 2000;[42]
  • Viscoplast (manufacturer of medical dressings) - minority stake sold to 3M in 2001;[43]
  • Mitex (construction and real estate development) - Sołowow founded the company in 1980s and sold to French group Eiffage in 2002;[7]
  • Echo Dnia/Słowo Ludu (local daily newspapers) - both purchased in the 1990s and sold in 2005 to Norwegian Orkla;[40]
  • UltraPack S.A. (production of corrugated board packagings) – Sołowow bought the company in 2003[44] and sold in 2007[45] to British multinational packaging group Mondi;
  • Echo Investment (real estate development) - Sołowow founded the company in 1994 and sold his shares in 2015 to Oaktree and PIMCO;[10]

Rally career[]

Sołowow was interested in amateur rally driving as a teenager. In 2001, thanks to sponsorship of his companies Synthos and Cersanit, he started professional rally career, aside from his business activities.[10] After several years of training and starts, he began to obtain good results. He was the European vice-champion (2008, 2009, 2012), the vice-champion of Poland (2006, 2010), the European second vice-champion (2006, 2010), and second vice-champion of Poland (2004, 2005). He suspended his career in 2015[10] and resumed it in 2020.[46]

WRC results[]

Year Entrant Car 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 WDC Points
2003 Cersanit Rally Team Mitsubishi Lancer Evo VII MON SWE
43 		TUR NZL ARG GRE CYP
33 		FIN AUS FRA ESP NC 0
2004 Cersanit Rally Team Mitsubishi Lancer Evo VII MON SWE
30 		MEX NZL CYP GRE TUR ARG FIN JPN GBR ITA FRA ESP AUS NC 0
2005 Cersanit Rally Team Mitsubishi Lancer Evo VII MON SWE
Ret 		MEX NZL ITA CYP TUR FIN GBR JPN FRA AUS NC 0
2006 Cersanit Rally Team Subaru Impreza WRC 05 MON SWE
33 		MEX ESP FRA ARG ITA GRE GER FIN JPN CYP TUR AUS NZL NC 0
Mitsubishi Lancer Evo IX GBR
40
2007 Cersanit Rally Team Mitsubishi Lancer Evo IX MON SWE
21 		NOR MEX POR ARG ITA GRE FIN GER NZL ESP FRA JPN IRE NC 0
Errani Team Group Fiat Abarth Grande Punto S2000 GBR
Ret
2010 Michał Sołowow Peugeot 207 S2000 SWE
22 		MEX JOR TUR NZL POR BUL FIN GER JPN FRA ESP GBR NC 0
2012 M-Sport Ford World Rally Team Ford Fiesta RS WRC MON SWE
20 		MEX POR ARG GRE NZL FIN GER GBR FRA ITA ESP NC 0
2013 Michał Sołowow Peugeot 207 S2000 MON SWE
12 		MEX POR ARG GRE ITA FIN GER AUS FRA ESP NC 0
Qatar M-Sport World Rally Team Ford Fiesta RS WRC GBR
14
2014 M-Sport World Rally Team Ford Fiesta RS WRC MON SWE
17 		MEX POR ARG ITA FIN
Ret 		GER AUS FRA ESP GBR NC 0
Michał Sołowow POL
Ret
2015 Synthos Cersanit Rally Team Ford Fiesta RS WRC MON SWE
Ret 		MEX POR ARG ITA POL FIN GER AUS FRA ESP GBR NC 0
2020 Barlinek Synthos RT Škoda Fabia R5 MON SWE
24 		MEX EST TUR ITA MNZ NC 0
2021 Michał Sołowow Citroën C3 R5 MON ARC
26 		CRO POR ITA KEN EST BEL GRE FIN ESP NC* 0*

PWRC results[]

Year Entrant Car 1 2 3 4 5 6 7 8 PWRC Points
2007 Errani Team Group Fiat Abarth Grande Punto S2000 SWE MEX ARG GRE NZL JPN IRE GBR
Ret 		NC 0

Personal life[]

Sołowow owns a residence in Masłów, a village on the borders of his hometown Kielce in Świętokrzyskie voivodship.[47] His daughter, Karolina Sołowow (b. 1986), runs a charitable foundation "Fabryki Marzeń" ("Factories of Dreams") supporting disadvantaged youth.[48]

References[]

  1. ^ a b "Forbes Billionaires Profile: Michał Sołowow". Forbes. Retrieved May 26, 2021.
  2. ^ "SGE and Exelon Generation Completed the Works on Deployment Feasibility Study - Synthos S.A." www.synthosgroup.com. Retrieved March 31, 2021.
  3. ^ "Najbogatsi Polacy 2021. Sylwetki bohaterów listy "Forbesa"". Forbes.pl (in Polish). Retrieved March 31, 2021.
  4. ^ Polska, Grupa Wirtualna. "Lista najbogatszych Polaków - Forbes 2020. Michał Sołowow na czele zestawienia". www.money.pl (in Polish). Retrieved March 31, 2021.
  5. ^ Grzeszak, Adam (March 19, 2019). "Na czym się dorobił najbogatszy Polak". www.polityka.pl (in Polish). Retrieved March 31, 2021.
  6. ^ "Lista 100 Najbogatszych Polaków 2018 z absolutnym rekordem". Forbes.pl (in Polish). Retrieved March 31, 2021.
  7. ^ a b c "Michal Solowow". Forbes. Retrieved March 31, 2021.
  8. ^ "Jak Sołowow ściągał spółki z GPW". pb.pl (in Polish). Retrieved March 31, 2021.
  9. ^ prasy, Przegląd; Lut 19 06:33, 28; 57 748 (February 28, 2019). "Najbogatsi ludzie w Polsce. Michał Sołowow wskoczył na pierwsze miejsce". Business Insider (in Polish). Retrieved March 31, 2021.CS1 maint: numeric names: authors list (link)
  10. ^ a b c d e f Grzeszak, Adam (2016). "Mistrz cichej jazdy" [Quiet ride champion]. Polityka (in Polish). No. 12/2019 (3203) (published March 19, 2019). p. 36.
  11. ^ "GE Hitachi Nuclear Energy Announces Small Modular Reactor Technology Collaboration in Poland | GE News". www.ge.com. Retrieved March 31, 2021.
  12. ^ "GESSEL advises the Black Forest fund on an investment in Tikrow". Swiss Chamber Poland. Retrieved March 31, 2021.
  13. ^ "Sołowow wycofuje się z giełdy. FTF Galleon ogłosił wezwanie na Synthos". StockWatch.pl - giełda od fundamentów - wiadomości. October 27, 2017. Retrieved March 31, 2021.
  14. ^ "Current report no. 68/2008 - Echo Investment". en.echo.com.pl. Retrieved March 31, 2021.
  15. ^ a b "News - Invest Concept Autoryzowany Doradca NewConnect". www.investconcept.pl. Retrieved March 31, 2021.
  16. ^ a b meatnetadm. "Relacje Inwestorskie". OncoArendi Therapeutics (in Polish). Retrieved March 31, 2021.
  17. ^ "Synthos S.A." www.synthosgroup.com. Retrieved March 31, 2021.
  18. ^ "Cersanit S.A. - leader on the market of sanitary ceramics and ceramic tiles". Cersanit corporate website. July 22, 2019. Retrieved March 31, 2021.
  19. ^ "Solowow Agrees on Opoczno and Cersanit Merger". www.tmcnet.com. Retrieved March 31, 2021.
  20. ^ Turkiewicz, Dariusz (October 6, 2005). "Leadership at cost of margins. [in: Ceramic Producers - sector update by Dom Maklerski BZ WBK]" (PDF). Bankier.pl. Retrieved March 31, 2021.
  21. ^ "Grupa Barlinek". Barlinek (in Polish). Retrieved March 31, 2021.
  22. ^ Brymora, Krystian (November 19, 2012). "Barlinek Raport Analityczny 19 listopad 2012 (Barlinek Analytical Report November 19, 2012 in Polish)". Dom Maklerski BDM S.A. Retrieved March 31, 2021.
  23. ^ Cichla, Aneta. "Sołowow company buys Komfort chain | EurobuildCEE". eurobuildcee.com. Retrieved March 31, 2021.
  24. ^ "New York". PZU (in Polish). Retrieved March 31, 2021.
  25. ^ https://www.linkedin.com/in/micha%C5%82-so%C5%82owow-49a53837/
  26. ^ "GESSEL assists the Michał Sołowow-owned Black Forest fund in its investment in Corab". GESSEL. December 31, 2020. Retrieved March 31, 2021.
  27. ^ "WP Systems – maintenance and dismantling solutions for your wind turbines". wpsystems.com. Retrieved March 31, 2021.
  28. ^ "Fotowoltaika skusiła kolejnego miliardera! Sołowow kupuje udziały w polskiej spółce » GLOBEnergia". GLOBEnergia (in Polish). December 15, 2020. Retrieved March 31, 2021.
  29. ^ "Synthos Green Energy - Synthos S.A." www.synthosgroup.com. Retrieved March 31, 2021.
  30. ^ "New Era Materials | Composites | Epoxy Resin | Innovation | Labs". neweramaterials.com. Retrieved March 31, 2021.
  31. ^ "About us - company profile and history". 3DGence. Retrieved March 31, 2021.
  32. ^ "Home". GeniCore | Genius at the Core. Retrieved March 31, 2021.
  33. ^ Gratkiewicz, Jacek. "Człowiek Roku money.pl: Michał Sołowow". www.money.pl (in Polish). Retrieved March 31, 2021.
  34. ^ S.A, Telewizja Polska. "Poland's richest man invests in mRNA technology". polandin.com. Retrieved March 31, 2021.
  35. ^ admin. "The richest pole, Michał Sołowow, invests in mRNA technology". Retrieved March 31, 2021.
  36. ^ "Aktualność - Invest Concept Autoryzowany Doradca NewConnect". www.investconcept.pl. Retrieved March 31, 2021.
  37. ^ "Michał Sołowow: kim jest najbogatszy Polak? [RODZINA, MAJĄTEK, FIRMY, RAJDY] - Radio ZET". www.radiozet.pl (in Polish). February 28, 2019. Retrieved March 31, 2021.
  38. ^ "North Food Polska S.A." Retrieved March 31, 2021.
  39. ^ "GESSEL successfully advises the founders of Yamly in proceedings before UOKiK". GESSEL. January 12, 2021. Retrieved March 31, 2021.
  40. ^ a b Redakcja (April 24, 2014). "Kielczanin Michał Sołowow wśród pięciu ludzi - gigantów, którzy zmienili polską gospodarkę!". Echo Dnia (in Polish). Retrieved March 31, 2021.
  41. ^ Wrobel, Stanisław (February 25, 2021). "Kielczanin Michał Sołowow ponownie najbogatszym Polakiem! Jest lista magazynu "Forbes" 2021". Echo Dnia Świętokrzyskie (in Polish). Retrieved March 31, 2021.
  42. ^ "Skanska acquires shares in the leading Polish contractor Exbud". Skanska - Global corporate website. Retrieved March 31, 2021.
  43. ^ "3M przejmuje Viscoplast". www.parkiet.com (in Polish). Retrieved March 31, 2021.
  44. ^ "Wyborcza.pl". szczecin.wyborcza.pl. Retrieved March 31, 2021.
  45. ^ "Rajdowiec na biznesowym zakręcie". Newsweek.pl (in Polish). Retrieved March 31, 2021.
  46. ^ "Michal Solowow World Rally Championship | Motorsport Stats". results.motorsportstats.com. Retrieved June 1, 2021.
  47. ^ Stanek, Aleksandra (November 14, 2014). "Tu mieszkają najbogatsi, czyli top 10 najdroższych nieruchomości świata". WP money (in Polish). Retrieved March 31, 2021.
  48. ^ Polska, Business Insider; 27 Lut, 14:26; 253 893 (February 27, 2021). "Kim jest Karolina Sołowow, córka najbogatszego Polaka". Business Insider (in Polish). Retrieved March 31, 2021.CS1 maint: numeric names: authors list (link)

External links[]

Media related to Michał Sołowow at Wikimedia Commons

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