DHE’s 2 Founders Retain Equity in Gladstone Buyout, Ensuring Founder-Led Growth

For startup founders eyeing an exit, the Gladstone Investment acquisition of DHE Computer Systems offers a blueprint for a founder-friendly transition. Rather than cashing out entirely, Dan and Annie Hammack will remain meaningful shareholders and continue leading the business, aligning their interests with the acquirer's growth plans. This could signal a more founder-friendly alternative for bootstrapped tech companies looking to scale.

On July 10, 2026, Gladstone Investment Corporation (NASDAQ: GAIN), a publicly traded business development company, announced it had acquired DHE Computer Systems, LLC, a Colorado-based full-service technology solutions provider specializing in the state, local, and education (SLED) and commercial markets. The transaction was funded through a combination of debt and equity from Gladstone, with DHE’s existing management team, led by CEO Dan Hammack, remaining at the helm. Founders Dan and Annie Hammack also retained meaningful equity stakes, ensuring alignment with the acquirer’s growth objectives.

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The transaction was funded through a combination of debt and equity from Gladstone, with DHE’s existing management team, led by CEO Dan Hammack, remaining at the helm.

The acquisition marks Gladstone Investment’s continued expansion into the IT services sector, a space it has targeted for its recurring revenue streams, high customer retention, and critical role in enabling digital transformation. DHE, headquartered in Centennial, Colorado, offers a comprehensive suite of IT lifecycle services, including hardware and software procurement, device configuration and enrollment, deployment logistics, repair and warranty support, data recovery, and emerging managed services. This breadth positions the company as a one-stop shop for school districts, government agencies, and commercial clients managing complex device fleets and IT infrastructure.

From a market perspective, the deal aligns with a broader consolidation trend in IT services, particularly among firms serving the SLED market. These entities benefit from sticky, long-term contracts and predictable budgets, making them attractive acquisition targets. For Gladstone Investment, DHE brings deep relationships with OEM partners and a backlog of recurring service engagements that can be enhanced through additional capital. The BDC model, which combines debt and equity, provides the financial flexibility to support DHE’s growth without overleveraging, given regulatory constraints on BDC leverage ratios. While the exact purchase price and financing terms were not disclosed, the structure suggests a typical lower-middle-market buyout where management retains significant ownership—a hallmark of Gladstone’s approach.

The implications for DHE are substantial. With access to Gladstone’s capital and strategic support, the company can accelerate expansion into adjacent markets, invest in managed services offerings, and pursue tuck-in acquisitions of smaller IT service providers. The SLED market is poised for growth as schools and governments modernize their IT infrastructure, driven by federal funding initiatives and the post-pandemic need for robust device management. DHE’s expertise in Chromebook and laptop deployment for K-12 schools, for instance, is a key asset in a segment that saw billions of dollars in recent federal grants. By retaining the founding team, the deal preserves institutional knowledge and customer relationships that are vital for maintaining service quality and winning new contracts.