Cook bacon until crispy and browned, about 5 minutes.

Place on a plate and drain all but 2 tablespoons of fat drippings.

Add oil to pan over medium-high heat.

Add garlic and onion.

Sauté for 4 minutes and season it with salt and pepper.

Stir in thyme and cook stirring for 2 minutes.

Add cooked bacon along with the remaining sauce ingredients.

Stir well and simmer over medium-low heat for 30-40 minutes, stirring occasionally.

Puree sauce in a blender until smooth.