Kaaboo Festival bought by Virgin Fest owner Jason Felts after launching five years ago

Two up and coming music festivals will now happen under one flag, as Virgin Fest owner Jason Felts has acquired the Kaaboo Festival on Wednesday.

Billboard first reported the news on Wednesday, revealing Felts will oversee both Virgin Fest, which is set to launch next year, likely in Los Angeles, and Kaaboo Festival, which just announced its move from Del Mar to Petco Park in San Diego.

The acquisition is a 100% asset sale, which comes as the fifth annual festival closed out on Sunday with performances by Dave Matthews Band, Kings of Leon and Mumford & Sons. 

Festival owner: Two up and coming music festivals will now happen under one flag, as Virgin Fest owner Jason Felts (above) has acquired the Kaaboo Festival on Wednesday

Festival owner: Two up and coming music festivals will now happen under one flag, as Virgin Fest owner Jason Felts (above) has acquired the Kaaboo Festival on Wednesday

The Kaaboo Festival was launched in 2015 by Bryan Gordon and Seth Wolkov of the investment firm Madison Companies.

Kaaboo became well-known for its innovative bookings, with Felts previously serving on Kaaboo's board of directors, but Kaaboo will not be re-branded or fold into the Virgin Fest brand.

While the Kaaboo fest started in the San Diego/Del Mar area, it has already branched out to the Cayman Islands and to Texas with a partnership with the Dallas Cowboys. 

Board of directors: Kaaboo became well-known for its innovative bookings, with Felts previously serving on Kaaboo's board of directors, but Kaaboo will not be re-branded or fold into the Virgin Fest brand

Board of directors: Kaaboo became well-known for its innovative bookings, with Felts previously serving on Kaaboo's board of directors, but Kaaboo will not be re-branded or fold into the Virgin Fest brand

The official Virgin announcement revealed the Southern California fest will be named Kaaboo San Diego after it relocates to Petco Park in 2020.

'I attended the first KAABOO Del Mar in 2015 with my parents,' said Felts in a statement. 

'Given it was KAABOO's inaugural year, the attendance was low, however it became very clear to me that the vision was truly unique,' Felts added.

San Diego: The official Virgin announcement revealed the Southern California fest will be named Kaaboo San Diego after it relocates to Petco Park in 2020

San Diego: The official Virgin announcement revealed the Southern California fest will be named Kaaboo San Diego after it relocates to Petco Park in 2020

'It also became clear that KAABOO shared a like-minded approach to Virgin with customer service, while delivering a unique, differentiated, multi-sensory festival product,' Felts continued.

'That, of course, is a testament to the Founders' initial vision supported by an extremely talented team of professionals who executed upon that vision. It was on that basis that we first invested and supported this vision in 2016,' Felts said. 

'We look forward to the future of the KAABOO brand and its festival experiences under our ownership,' he concluded.

Festival: 'It also became clear that KAABOO shared a like-minded approach to Virgin with customer service, while delivering a unique, differentiated, multi-sensory festival product,' Felts continued

Festival: 'It also became clear that KAABOO shared a like-minded approach to Virgin with customer service, while delivering a unique, differentiated, multi-sensory festival product,' Felts continued

 The Virgin announcement also added that, 'KAABOO brand fans can expect to continue to enjoy a hospitality-driven KAABOO experience delivering world class music, comedy, art, food and more,' under new ownership. 

'With a wide variety of general admission and multiple levels of VIP passes, KAABOO appeals to a wide range of adults who seek a different, cleaner, safer, less rowdy music festival experience,' the statement concluded.

The Kaaboo Instagram reveals next year's festival will take place September 18-20, 2020 at Petco Park in San Diego, with early bird passes already on sale.

Experience: The Virgin announcement also added that, 'KAABOO brand fans can expect to continue to enjoy a hospitality-driven KAABOO experience delivering world class music, comedy, art, food and more,' under new ownership

Experience: The Virgin announcement also added that, 'KAABOO brand fans can expect to continue to enjoy a hospitality-driven KAABOO experience delivering world class music, comedy, art, food and more,' under new ownership

Next year: The Kaaboo Instagram reveals next year's festival will take place September 18-20, 2020 at Petco Park in San Diego, with early bird passes already on sale

Next year: The Kaaboo Instagram reveals next year's festival will take place September 18-20, 2020 at Petco Park in San Diego, with early bird passes already on sale

Kaaboo Festival bought by Virgin Fest owner Jason Felts after launching five years ago

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