Live Nation has officially acquired a majority stake in AC Entertainment, the independent Tennessee promotion company that co-founded Bonnaroo Music & Arts Festival along with Superfly in 2002, Billboard reports.

Last year, Live Nation purchased a controlling interest in Bonnaroo itself, but not its founding promoters. Live Nation also owns controlling interests in Lollapalooza, Austin City Limits, Rock Werchter and many more.

“As the saying goes, the only constant is change, and embracing change and pursuing new opportunities have defined AC Entertainment throughout its 25 years,” company founder and CEO Ashley Capps tells Billboard, noting that AC Entertainment was talking with other entities as well. ““As we got to know the Live Nation team better, especially working on Bonnaroo, it became clear that our teams could complement one another very well.”

AC Entertainment is also involved with other festivals, including Kentucky’s Forecastle, Tennessee’s Big Ears and Alabama’s Sloss Fest, along with deals with various Tennessee venues.

“Relationships are key to success in our business, and we plan to continue to operate as we do now,” Capps says. “We’re at an exciting place, with a variety of new projects on the drawing board. This new strategic alignment is the next logical step for us in our evolution as a company.”