SOL Group

What SOL Group does

SOL Group is an Italian-headquartered multinational (legal entity SOL S.p.A., listed on Borsa Italiana; family-controlled by the Fumagalli/Annoni leadership) that produces and distributes technical and medical gases and operates an international home care platform under the VIVISOL brand. The company's industrial gas franchise supplies oxygen, nitrogen, argon, specialty gases, CO2 recovery systems, LNG/BioLNG, and air separation plant (ASU) infrastructure to manufacturers across most industrial sectors, while the medical gas franchise serves hospitals and healthcare systems with pharmaceutical-grade products and devices. SOL is the 8th largest industrial gas group globally and 6th in Europe, and the leading independent Italian player outside the multinational Big Three (Air Liquide, Linde, Air Products).

Its core technology stack combines cryogenic air separation and gas processing infrastructure (owned ASUs in India and Croatia; biogenic CO2 recovery in Wanze, Belgium) with regulated pharmaceutical production across 62 certified workshops and proprietary medical devices such as the Penelope inhaled nitric oxide (iNO) delivery system and the VIVISOL MyCare patient/caregiver mobile application. The home care arm extends beyond gas supply into respiratory therapy, mechanical ventilation, artificial nutrition, palliative care, telemedicine (via acquired Aenduo), and orthopedic services (via ITOP), making SOL a vertically integrated chronic-care provider rather than a pure gas company.

The business model is overwhelmingly B2B with recurring/subscription-style revenue: enterprise field sales to industrial customers, direct sales to hospitals and health systems, and long-duration chronic patient care contracts via VIVISOL subsidiaries across 30+ countries in Europe, the Americas, and Asia. Pricing is not publicly disclosed and is negotiated on a custom-quotation basis. Geographic expansion has been executed primarily through acquisitions and joint ventures (e.g., Air Liquide Hellas, VitalAire Schweiz, OXY Technical Gases JV with SIAD, VIVISOL Kuwait WLL, SOL INDIA), with €231.3M of FY2025 investment underwriting continued internationalization into home care, pharmaceutical fluids, and biomethane.

Name

SOL Group

Legal name

SOL S.p.A.

Website

https://solgroup.com

Company type

Private

Founded year

1930

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

SOL Group is an Italian multinational (SOL S.p.A., Borsa Italiana-listed, family-controlled) producing technical and medical gases and running the VIVISOL international home care platform. It serves industrial manufacturers, hospitals, and chronic patients across 30+ countries, with 62 pharmaceutical-grade workshops and €1,776.1M FY2025 net sales.

Ownership category

akta.pro rank

Product category

Industrial and Medical Gases

NAICS

Industrial Gas Manufacturing (32512), Drugs and Druggists' Sundries Merchant Wholesalers (424210), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Medical & Healthcare Gases (IMAEACAF)

akta.pro secondary industries

Home Ventilation, Oxygen Therapy & Respiratory DME Clinical Management (HLAKANAM), Oxygen Therapy Systems (Concentrators, Cylinders, Liquid O2, HFNC) (HLAHAGAD), Anesthesia & Respiratory Gas Delivery Equipment (Breathing Circuits, Vaporizers, Gas Mixers) (HLAHAGAK)

Keywords

• Industrial gas production
• Medical gas supply
• Home respiratory care
• Air separation plants
• Biotechnology solutions

Headquarters

HQ city

Monza

HQ country

Italy

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Technical and Industrial Gases: Production and sale of technical gases, equipment, systems and services to industrial customers across multiple sectors.
2. Medical Gases and Healthcare Services: Sale of medicinal products, services and technologies to healthcare facilities and hospitals.
3. Home Care Services (VIVISOL): Home care services and respiratory therapies for chronic patients through VIVISOL companies operating internationally.
4. Biotechnology: Research and development of innovative biotechnological solutions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

SOL Group produces and distributes technical (industrial) and medical gases to industrial manufacturers and healthcare facilities, and provides home respiratory care and therapies to chronic patients through its VIVISOL subsidiaries across 30+ countries. The Group also operates biotechnology R&D through Diatheva, orthopedic services through ITOP, and renewable/biogenic CO2 recovery.

Product overview

SOL Group is a multinational company operating in technical and medical gases and home care services. The Group operates as a platform of specialized business units including VIVISOL (home care), industrial and medical gas production, biotechnology through Diatheva, and ITOP orthopedic services. Key products include Penelope® (inhaled nitric oxide delivery system), VIVISOL MyCare (mobile app for patient/caregiver management), air separation plants, CO2 recovery systems, and LNG/BioLNG solutions. The Group operates globally through subsidiaries across Europe, Americas, Asia, and the Middle East.

Differentiator

Problem solved

Functional benefit

Brands

• VIVISOL: Home care subsidiary providing services and therapies for chronic patients cared for outside hospital settings
• Penelope
• VIVISOL MyCare
• SOL YOUth Academy

Products and services

• Industrial Gases
• Medical Gases
• VIVISOL Home Care Services
• Penelope iNO Delivery System
• VIVISOL MyCare Mobile Application
• Biotechnology Solutions (Diatheva) Research and development of innovative biotechnological solutions, including antibody development for cancer treatment (e.g., Ewing Sarcoma), operated through subsidiary Diatheva.
• CO2 Recovery Systems Plants and systems for recovery of biogenic carbon dioxide from alcoholic fermentation, including a facility at BioWanze SA in Belgium in partnership with CropEnergies; covers distribution of bio-CO2.
• LNG/BioLNG Solutions Liquefied natural gas and bioLNG refueling solutions for sustainable mobility, including distribution of BioLNG through partnership with Ind.Eco. (Greenthesis Group).
• Healthcare Facility Services Provision of medicinal products, services and technologies to hospitals and healthcare institutions, acting as a partner of Health Systems and guaranteeing medical and nursing assistance.
• Orthopedic Devices and Services (ITOP) Production of orthopedic devices and post-sale assistance, operated through subsidiary ITOP Officine Ortopediche and acquired POR Group.
• Telemedicine Solutions (Aenduo) Telemedicine solutions for home care, operated through 80%-owned Italian subsidiary Aenduo s.r.l., acquired in September 2025.

Quantifiable outcome

• €1,776.1 million net sales in 2025
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Green Flame Gas Co / Al-Qattan FamilycoreStrategic or Co-development Partner · 17 November 2025AIRSOL S.r.l. and Green Flame Gas Co established VIVISOL Kuwait WLL joint venture for home care business development in Kuwait.
• AndionminorStrategic or Co-development Partner · 4 August 2025SOL Group acquired 20% stake in BIOMETHAN GREEN 1 - SOCIETÀ AGRICOLA S.R.L., involved in building a liquid biomethane plant.
• Gruppo SIADcoreStrategic or Co-development Partner · 10 July 2025Joint venture OXY Technical Gases d.o.o. inaugurated new air separation plant in Zagreb, Croatia, with €50 million investment.
• CONAUTO (Ecuador)coreStrategic or Co-development Partner · 3 March 2023SOL acquired 50% plus one share of SWISSGAS and ICP - INDUSTRIAS CRIOGENICAS DEL PERU through partnership with Ecuadorian group CONAUTO, entering South American technical gases market.
• Agarwal S.N. Family / Bhoruka Group (India)coreStrategic or Co-development Partner · 15 December 2022Partnership with Indian Agarwal family and Bhoruka Group to strengthen SOL's presence in India in technical gases and renewable energy sectors.
• ITOP Officine OrtopedichecoreStrategic or Co-development Partner · 12 September 2022Strategic partnership in home care sector, expanding specialized services and technological solutions for patients.
• Ind.Eco. S.r.l. (Greenthesis Group)minorStrategic or Co-development Partner · 24 February 2022Multi-year agreement for distribution of BioLNG (liquid biomethane) for sustainable mobility.
• European Battery AllianceminorOthers · 21 December 2021SOL joined the European Battery Alliance to participate in the transition towards sustainable mobility.
• Fly TherapyminorOthers · 14 June 2021VIVISOL supported Fly Therapy non-profit association in organizing high-altitude flight experiences for disabled people.
• CropEnergiescoreStrategic or Co-development Partner · 8 October 2020Joint investment of approximately €15 million with CropEnergies for production facilities for recovery of biogenic CO2 from alcoholic fermentation at BioWanze SA in Belgium.
• Air LiquidecoreStrategic or Co-development PartnerMultiple transactions: SOL acquired VitalAire Schweiz AG from Air Liquide (Switzerland) and Air Liquide Hellas (Greece), strengthening home care and industrial gas positions in these markets.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Air Liquide: World's second-largest industrial gas company and SOL's primary multinational competitor. Directly competes in technical/medical gases and VitalAire home respiratory care — the segment from which SOL acquired VitalAire Schweiz in 2026 and Air Liquide Hellas in 2021.
• Linde plc: Global #1 industrial gas company and a major producer of medical gases and home respiratory therapies (Lincare/Praxair Healthcare legacy). Most direct comparable in business model and geographic breadth to SOL Group.
• Nippon Sanso Holdings: Japan-based global industrial and specialty gas producer (Taiyo Nippon Sanso, Matheson in the US). Competes head-to-head with SOL in technical gases and shares the medical/home-care respiratory vertical.
• Air Products and Chemicals: US-listed top-3 industrial gas multinational with material medical gas and hydrogen businesses. Direct competitor to SOL in industrial gas supply; comparable in ASU and on-site gas technology.
• Messer Group: Privately held, family-controlled industrial and medical gas group headquartered in Germany. Closely mirrors SOL's independent, family-led positioning in Europe and overlaps in home respiratory care and specialty gases.
• SIAD Group: Italian-headquartered industrial gas competitor and SOL's joint-venture partner in OXY Technical Gases d.o.o. (Croatia). Directly comparable in technical gases, ASU technology and the Italian home market.
• Iwatani Corporation: Japanese industrial gas and energy company with growing international specialty-gas operations (including hydrogen/LNG). Comparable to SOL in industrial gas production and emerging clean-energy gas verticals.

Emerging players

• Yingde Gases Group: China's largest independent industrial gas supplier, listed in Hong Kong. Comparable to SOL's industrial-gas supply model but concentrated in Greater China where SOL has only nascent presence through its Chinese subsidiary.
• SOL Group (Italian home respiratory peers) — AdaptHealth / Lincare / Apria: US-centric home medical equipment and respiratory therapy providers (Apria, Lincare, AdaptHealth) that compete with VIVISOL in respiratory home care. Geographically distinct from SOL's Europe/Asia core but represent the most proven home-respiratory business model in healthcare.

Broad incumbents

• Chart Industries: US-listed cryogenic and industrial-gas equipment specialist supplying ASUs, liquefiers and CO2 capture hardware. Comparable as the equipment and engineering backbone of the gases industry in which SOL operates its own ASUs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/solgroup
• LinkedInlinkedin.com/company/sol-group

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries25 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SOL Group