Preheat oven to 375°Line a large baking sheet with parchment paper or aluminum foil. Lay bacon strips in a single layer onto baking sheet, making sure not to overlap.Bake until crispy, 15 to 25 minutes.Drain on a paper towel-lined plate. Chop and set aside.
In the large pan, melt the butter and add oil. Add the mushrooms and fry for 2-3 minutes to lightly brown mushrooms and release their juices (if any).
Add sausage and continue cooking until sausage is slightly browned. Add in the garlic and stir it through for a minute, until fragrant.
Pour in the wine and let reduce for 2 minutes, while occasionally stirring.
Next pour in the cream and add thyme and parsley. Reduce heat down to low and simmer about 4 minutes. Add the mozzarella and parmesan cheeses.
Add the chopped bacon to the pan. Season with salt and pepper to taste.