Blackstone Sells UK Holiday Group Butlins Back to Harris Family

Blackstone Inc. agreed to sell British seaside holiday resorts operator Butlins back to a former owner, the Harris family -- also a partner in the US private-equity giant’s larger UK Bourne Leisure business.

Butlins, which was founded by Billy Butlin in 1936 to provide affordable British vacations, is being re-acquired for about £300 million ($343 million), according to a person familiar with the transaction who asked not to be identified as the valuation wasn’t included in a Tuesday statement announcing the deal.

The transaction follows last year’s sale by the Harris family and partners of a controlling stake in Butlins ...