Place sweet and red potatoes in a large pot and fill with water. Place pot over high heat and bring to a boil.
Boil potatoes for about 15 minutes or until potatoes are still slightly firm and drain.
Place a large skillet over medium high heat. Add the oil and onions and sauté for 3 minutes.
Add potatoes to the skillet and continue to sauté for an additional 7 to 10 minutes. Season with salt and pepper.
Stir in the chopped bacon, beets and thyme and sauté for 5 minutes. Adjust seasonings.
Top with a sprinkle of fresh thyme and serve.