Michał Sołowow Explained

Michał Sołowow
Birth Place:	Kielce, Poland
Citizenship:	Poland
Education:	Kielce University of Technology
Occupation:	Businessman
Known For:	One of the richest people in Poland
Spouse:	Married
Children:	1

Michał Sołowow (born 11 July 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 2022, Forbes estimated his net worth at US$6.2 billion making him 411th wealthiest person in the world.^[10]

Business empire

Sołowow studied at Kielce University of Technology.^[11] 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.^[11] 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.^[11]

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.^[12] 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,^[13] FTF Columbus Fund, FTF Galleon,^[14] Magellan Pro-Equity Fund I S.A.^[15]

Sołowow also makes investments via IPOPEMA 112 FIZAN fund (e.g. Genicore,^[16] OncoArendi Therapeutics^[17]).

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;^[18]
• 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.^[19] In 2007 Sołowow merged Cersanit with Opoczno^[20] at the time the largest ceramic tiles manufacturer in Poland and second largest in Europe.^[21]
• 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.^[22] In 2012 the company had 60% of the Polish floorboard market;^[23]
• Komfort (carpets and linings retail chain);^[24]
• Homla (interior decoration retail chain);^[25]
• Nexterio (home decor);^[26]
• Corab (largest manufacturer and distributor of elements for photovoltaics installations in Poland);^[27]
• WP Systems (maintenance services for offshore wind farms);^{[28] [29]}
• Syntos Green Energy (part of Synthos Group, responsible for new energy projects - offshore wind, nuclear, hydrogen);^[30]
• New Era Materials (composite materials from epoxy resins);^[31]
• 3DGence (manufacturer of 3D printers);^[32]
• Genicore (manufacturer of ovens for composite materials production);^{[33] [34] [16]}
• OncoArendi (R&D of particles for the production of drugs for the treatment of inflammatory diseases and cancer; WSE-listed);^[17]
• ExploRNA Therapeutics (R&D of mRNA modification technologies);^[35]
• LifeFLow (R&D of non-invasive coronography technologies);^[36]
• Tikrow (online temporary work platform);^[37]
• GETCAR (car leasing);^[38]
• North Food – operator of restaurant chains in Poland and United Kingdom (North Food: fish and seafood; John Burg: New Zealand beef burgers; Veggie Hub);^[39]
• Yamly - a start-up company, producer and distributor of plant-based foods.^[40]

Sołowow's closed investments include:

• Max (food retail chain) - founded in 1992 and sold to Dutch group Ahold in 1996;^[41]
• NOMI (first DIY retail chain in Poland) - founded in 1994 and sold in 1999 to Kingfisher plc;^[42]
• Exbud (construction)- minority stake sold to Swedish Skanska in 2000;^[43]
• Viscoplast (manufacturer of medical dressings) - minority stake sold to 3M in 2001;^[44]
• 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;^[41]
• UltraPack S.A. (production of corrugated board packagings) – Sołowow bought the company in 2003^[45] and sold in 2007^[46] 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;

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.^[11] 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^[11] and resumed it in 2020.^[47]

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	GER 33	FIN	AUS	ITA	FRA	ESP	GBR			NC	0
2004	Cersanit Rally Team	Mitsubishi Lancer Evo VII	MON	SWE 30	MEX	NZL	CYP	GRE	TUR	ARG	FIN	GER	JPN	GBR	ITA	FRA	ESP	AUS	NC	0
2005	Cersanit Rally Team	Mitsubishi Lancer Evo VII	MON	SWE Ret	MEX	NZL	ITA	CYP	TUR	GRE	ARG	FIN	GER	GBR	JPN	FRA	ESP	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		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	MEX	EST	TUR	ITA	MNZ										NC	0
2021	Michał Sołowow	Citroën C3 R5	MON	ARC	CRO	POR	ITA	KEN	EST	BEL	GRE	FIN	ESP	MNZ					NC	0
2022	Michał Sołowow	Ford Fiesta Rally2	MON	SWE	CRO	POR	ITA	KEN	EST	FIN	BEL	GRE	NZL	ESP	JPN				NC	0

PWRC results

Personal life

Sołowow owns a residence in Masłów, a village on the borders of his hometown Kielce in Świętokrzyskie voivodship.^[48] His daughter, Karolina Sołowow (b. 1986), runs a charitable foundation "Fabryki Marzeń" ("Factories of Dreams") supporting disadvantaged youth.^[49]

External links

• Results at ewrc-results.com

Notes and References

1. Web site: Forbes Billionaires Profile: Michał Sołowow . Forbes. May 26, 2021.
2. Web site: SGE and Exelon Generation Completed the Works on Deployment Feasibility Study - Synthos S.A.. 2021-03-31. www.synthosgroup.com. 2021-06-24. https://web.archive.org/web/20210624204354/https://www.synthosgroup.com/en/synthos-group/news/news/synthos-green-energy-wraz-z-exelon-generation-zakonczyli-prace-nad-studium-wykonalnosci-dla-reaktora-bwrx-300. dead.
3. Web site: Najbogatsi Polacy 2021. Sylwetki bohaterów listy "Forbesa". 2021-03-31. Forbes.pl. pl.
4. Web site: Lista najbogatszych Polaków - Forbes 2020. Michał Sołowow na czele zestawienia. 2021-03-31. www.money.pl. pl-PL.
5. Web site: Grzeszak. Adam. 2019-03-19. Na czym się dorobił najbogatszy Polak. 2021-03-31. www.polityka.pl. pl.
6. Web site: Lista 100 Najbogatszych Polaków 2018 z absolutnym rekordem. 2021-03-31. Forbes.pl. pl.
7. Web site: Michal Solowow. 2021-03-31. Forbes. en.
8. Web site: Jak Sołowow ściągał spółki z GPW. 2021-03-31. pb.pl. pl.
9. Web site: 2019-02-28. Najbogatsi ludzie w Polsce. Michał Sołowow wskoczył na pierwsze miejsce. 2021-03-31. Business Insider. pl.
10. Web site: Forbes World's Billionaires List. The richest in 2022 . . 4 October 2022.
11. Grzeszak . Adam. 2016. Mistrz cichej jazdy. Quiet ride champion. pl . . 12/2019 (3203). 19 March 2019. 36.
12. Web site: GE Hitachi Nuclear Energy Announces Small Modular Reactor Technology Collaboration in Poland GE News. 2021-03-31. www.ge.com. en.
13. Web site: GESSEL advises the Black Forest fund on an investment in Tikrow. 2021-03-31. Swiss Chamber Poland. en-GB.
14. Web site: 2017-10-27. Sołowow wycofuje się z giełdy. FTF Galleon ogłosił wezwanie na Synthos. 2021-03-31. StockWatch.pl - giełda od fundamentów - wiadomości.
15. Web site: Current report no. 68/2008 - Echo Investment. 2021-03-31. en.echo.com.pl. en.
16. Web site: News - Invest Concept Autoryzowany Doradca NewConnect. 2021-03-31. www.investconcept.pl.
17. Web site: Relacje Inwestorskie. 2021-03-31. OncoArendi Therapeutics. pl-PL. 2021-04-11. https://web.archive.org/web/20210411111444/https://oncoarendi.com/relacje-inwestorskie/. dead.
18. Web site: Synthos S.A.. 2021-03-31. www.synthosgroup.com.
19. Web site: July 22, 2019. Cersanit S.A. - leader on the market of sanitary ceramics and ceramic tiles. March 31, 2021. Cersanit corporate website.
20. Web site: Solowow Agrees on Opoczno and Cersanit Merger. 2021-03-31. www.tmcnet.com.
21. Web site: Turkiewicz. Dariusz. October 6, 2005. Leadership at cost of margins. [in: Ceramic Producers - sector update by Dom Maklerski BZ WBK]]. March 31, 2021. Bankier.pl.
22. Web site: Grupa Barlinek. 2021-03-31. Barlinek. pl-PL.
23. Web site: Brymora. Krystian. November 19, 2012. Barlinek Raport Analityczny 19 listopad 2012 (Barlinek Analytical Report November 19, 2012 in Polish). March 31, 2021. Dom Maklerski BDM S.A..
24. Web site: Cichla. Aneta. Sołowow company buys Komfort chain EurobuildCEE. 2021-03-31. eurobuildcee.com. en.
25. Web site: New York. 2021-03-31. PZU. pl.
26. https://www.linkedin.com/in/micha%C5%82-so%C5%82owow-49a53837/
27. Web site: 2020-12-31. GESSEL assists the Michał Sołowow-owned Black Forest fund in its investment in Corab. 2021-03-31. GESSEL. en-US.
28. Web site: WP Systems – maintenance and dismantling solutions for your wind turbines. 2021-03-31. wpsystems.com.
29. Web site: 2020-12-15. Fotowoltaika skusiła kolejnego miliardera! Sołowow kupuje udziały w polskiej spółce » GLOBEnergia. 2021-03-31. GLOBEnergia. pl-PL. 2021-04-22. https://web.archive.org/web/20210422142043/https://globenergia.pl/fotowoltaika-skusila-kolejnego-miliardera-solowow-kupuje-udzialy-w-polskiej-spolce/. dead.
30. Web site: Synthos Green Energy - Synthos S.A.. 2021-03-31. www.synthosgroup.com. 2021-06-24. https://web.archive.org/web/20210624202751/https://www.synthosgroup.com/en/synthos-group/group/synthos-green-energy. dead.
31. Web site: New Era Materials Composites Epoxy Resin Innovation Labs. 2021-03-31. neweramaterials.com.
32. Web site: About us - company profile and history. 2021-03-31. 3DGence. en-GB.
33. Web site: Home. 2021-03-31. GeniCore Genius at the Core. en-US.
34. Web site: Gratkiewicz. Jacek. Człowiek Roku money.pl: Michał Sołowow. 2021-03-31. www.money.pl. pl-PL.
35. Web site: Poland's richest man invests in mRNA technology. 2021-03-31. polandin.com. en.
36. Web site: Najbogatszy Polak inwestuje w technologię mRNA, która jest stosowana w szczepionkach na COVID-19. Business Insider. 2020-12-21. 2021-03-31. pl.
37. Web site: Aktualność - Invest Concept Autoryzowany Doradca NewConnect. 2021-03-31. www.investconcept.pl.
38. Web site: 2019-02-28. Michał Sołowow: kim jest najbogatszy Polak? [RODZINA, MAJĄTEK, FIRMY, RAJDY] - Radio ZET]. 2021-03-31. www.radiozet.pl. pl.
39. Web site: North Food Polska S.A.. 2021-03-31. en-US.
40. Web site: 2021-01-12. GESSEL successfully advises the founders of Yamly in proceedings before UOKiK. 2021-03-31. GESSEL. en-US.
41. Web site: 2014-04-24. Kielczanin Michał Sołowow wśród pięciu ludzi - gigantów, którzy zmienili polską gospodarkę!. 2021-03-31. Echo Dnia. pl-PL.
42. Web site: Wrobel. Stanisław. 2021-02-25. Kielczanin Michał Sołowow ponownie najbogatszym Polakiem! Jest lista magazynu "Forbes" 2021. 2021-03-31. Echo Dnia Świętokrzyskie. pl-PL.
43. Web site: Skanska acquires shares in the leading Polish contractor Exbud. 2021-03-31. Skanska - Global corporate website. en-US. 2021-04-22. https://web.archive.org/web/20210422145116/https://group.skanska.com/media/47973/Skanska-acquires-shares-in-the-leading-Polish-contractor-Exbud. dead.
44. Web site: 3M przejmuje Viscoplast. 2021-03-31. www.parkiet.com. pl.
45. Web site: Wyborcza.pl. 2021-03-31. szczecin.wyborcza.pl.
46. Web site: Rajdowiec na biznesowym zakręcie. 2021-03-31. Newsweek.pl. 11 March 2018 . pl.
47. Web site: Michal Solowow World Rally Championship Motorsport Stats. 2021-06-01. results.motorsportstats.com.
48. Web site: Stanek. Aleksandra. 2014-11-14. Tu mieszkają najbogatsi, czyli top 10 najdroższych nieruchomości świata. 2021-03-31. WP money. pl.
49. Web site: 2021-02-27. Kim jest Karolina Sołowow, córka najbogatszego Polaka. 2021-03-31. Business Insider. pl.