Blackstone-owned Bourne Leisure has agreed to sell UK resort company Butlin's back to its former owner, the Harris family, for a reported £300 million (about $341 million).

The deal comes around 10 months after Blackstone first hired banks to advise on the sale. It was previously reported that the company attracted interest from other private equity firms such as Terra Firma.

In July, Bourne Leisure agreed to sell around £300 million worth of Butlin's real estate assets to Universities Superannuation Scheme; the portfolio included three Butlin's sites in the UK.

The Harris family is one of the three families that established Bourne Leisure in 1964. The group is now one of the largest holiday home providers in the UK. The Harris family retained a stake in the business when Blackstone acquired it for around £2.7 billion in early 2021.

Blackstone is one of several companies that have sought to cash in on the UK's "staycation" boom following the curtailing of international travel during the pandemic. Last summer, CVC Capital Partners picked up Away Resorts—a smaller UK holiday group—for £250 million.

Butlin's accounts for 15% to 20% of Bourne Leisure's earnings, the Financial Times reported. After the deal, Bourne will continue to run its two other UK holiday brands, Haven and Warner Leisure Hotels.

"Proceeds from the Butlin's sale will enable us to continue delivering our ambitious investment programmes across both brands, supporting upgrades to the existing estates and adding new sites to the portfolio, to the benefit of millions of customers," Lionel Assant, Blackstone's European head of private equity, said in a statement.

Featured image by Sarnia/Shutterstock

This article originally appeared on PitchBook News