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Dugas is a leading French wholesale distributor of premium spirits.

Founded by François-Xavier Dugas in 1980, Dugas offers one of the widest ranges of exclusive and premium brand name spirits in France and specialises in the fast-growing rum and whisky segments.

The business sources its products directly from distilleries around the world, and actively supports them with branding, product and trade marketing, education and distribution services.

As a recognised market expert, Dugas is able to offer product advice to its customers as well as promote new brands, which are replenished on a regular basis. As a result, the business has established a diverse and multichannel network of customers, which include c. 4,000 wine merchants as well as leading hotels, restaurants, bars, cafes, cash & carry stores, generalist wholesalers and mass market retailers.


Working in partnership with Equistone, Dugas has combined significant organic growth with a selective acquisition strategy in order to expand its geographic coverage and develop own-label brands alongside over 100 exclusive brands and distilleries.

In 2018, Dugas acquired Les Rhums de Ced, a French manufacturer of flavoured rums, and supported its growth, notably through a major extension of the production site in 2022. 

Equistone managed the succession of the founder, François Xavier Dugas, who was replaced by Tom Van Lambaart when he retired at the end of 2021. Tom strongly supported the group’s transformation to absorb the increase in volumes related to the development of mass-market retail for both own-label and represented brands.

Since Equistone’s investment, Dugas has seen its revenue increase from €45m in 2017 to €69m for the financial year ending December 2022.


Equistone exited its Fund V investment in Dugas to Stock Spirits Group, a Polish spirits business majority-owned by funds advised by CVC Capital Partners.


Dez. 2017 - Sep. 2023




Business Services


€45m / €69m

Mitarbeiter bei Investition



Secondary MBO

Add-on Akquisitionen

La Maison du Rhum
März 2020
Les Rhums de Ced
Dez. 2018