Newlight Partners completed the acquisition of a minority stake in Propeller Industries.

Newlight Partners, a private investment firm, completed the acquisition of a minority stake in Propeller Industries, a provider of financial and accounting services. Financial terms were not disclosed. Propeller intends to use the proceeds from Newlight’s investment to accelerate organic growth, expand its technology platform, and to support acquisitions that further its goal of providing superior financial management and enterprise-level business intelligence to emerging companies. “Today represents an exciting new chapter for Propeller Industries, our clients and employees. Newlight shares our vision for the future, and recognizes our strong culture and commitment to helping great entrepreneurs build great companies. We look forward to leveraging their unique perspective and industry insight as we continue on our journey,” Chris Fenster, Propeller Founding Partner and Chief Executive Officer.