- Funds managed by Blackstone ( NYSE: BX ) and Bourne Leisure, which was acquired by the private equity firm in 2021, have agreed to sell, Butlin's, the operator of British seaside resorts, to a newly formed company backed by the Harris family, one of the three families that sold Bourne to Blackstone, the companies said Tuesday.
- As part of the 2021 transaction, the Harris, Cook, and Allen families co-invested in Butlin's along with Blackstone ( BX ) and together held a minority stake in the resort company. Upon completion of this latest transaction, Bourne will continue to operate its two heritage brands, Haven, U.K.'s largest caravan park operator, and Warner Leisure Hotels.
- Blackstone ( BX ) acquired Bourne last year for ~£3B (US$3.4B), The Times reported. At the time, Blackstone Credit and Starwood arranged £1.8B debt financing for the acquisition.
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Blackstone Leisure to sell Butlin's to new Harris family company