Flea and Chad Smith of The Red Hot Chili Peppers

Flea and Chad Smith of The Red Hot Chili Peppers perform onstage during Day Three of the BottleRock Napa Valley Festival on May 29, 2016 in Napa, Calif.

Chris Tuite/ImageSPACE

Live Nation Entertainment has added another music festival to its growing portfolio. The live industry giant announced Friday that it has acquired a majority stake in the BottleRock Napa Valley music, food and wine festival from Latitude 38 Entertainment.

The three-day BottleRock event is in its fifth year, with the 2017 edition (May 26 - 28) scoring Foo Fighters, Tom Petty & The Heartbreakers and Maroon 5 as headliners.

As it has done with previously acquired fests, Live Nation will take a hands off approach to BottleRock, which will remain under the leadership of Latitude 38 founders Dave Graham, Justin Dragoo and Jason Scoggins, who retain a stake in the organization.

"This move provides an opportunity to tap into Live Nation's scale and artist talent resources, which will allow us to continue to develop and improve upon the BottleRock experience," said Graham, Latitude 38's CEO.

With the acquisition, BottleRock joins a Live Nation festival portfolio that includes Austin City Limits, Bonnaroo, Lollapalooza, Governor's Ball and Electric Daisy Carnival in the United States, and Reading, Leeds and Rock Werchter, among others, in Europe.

After a shaky financial start in 2013 under different ownership, Latitude 38 revived the BottleRock brand a year later and the foodie-minded festival has seen steady growth since. The sold-out event in 2016 featured headliners Stevie Wonder, Florence + The Machine and Red Hot Chili Peppers.

"The Latitude 38 team has created a festival unique to the Napa Valley that has widespread appeal," said Jordan Zachary, Chief Strategy Officer, Live Nation Entertainment. "BottleRock Napa Valley adds another leading North American festival to our growing and diverse portfolio."