Michael Gudinski’s Mushroom Group has added another festival to its portfolio -- the progressive music and arts fest Sugar Mountain.

According to a statement, the new “partnership” will provide “the stability and infrastructure to ensure that the crew behind the boutique Sugar Mountain can focus on what they do best: delivering an incredible experience to the public.”

Financial details of the partnership weren’t announced.

The team behind Sugar Mountain -- Tig Huggins, Pete Keen, Brett Louis and Nicci Reid -- will continue to drive the festival, which will return for a fourth year in 2014 at a new location (the fest will relocate from Melbourne’s Forum Theatre). Mushroom’s involvement will be spearheaded Frontier Touring tour promoter Gerard Schlaghecke and Mushroom Group executive director Matt Gudinski.

Australia's Mushroom Group Grows, Looks To The Future

“Sugar Mountain is a festival that many staff from the Group have attended and admired for the past few years,” comments Gudinski. “This is an opportunity for us to continue to diversify Mushroom Group’s reach in the live music world but most importantly to get involved and help evolve an event that we love and believe in. Mushroom will bring a lot to the table while leaving Sugar Mountain’s unique artistic vision with those who have driven it since day one.”

Earlier this year, Mushroom Group struck a strategic alliance to bring on board the dance-music event Future Music Festival.