Gladstone Investment Corporation, a publicly traded business development company focused on lower-middle-market buyouts, has acquired DHE Computer Systems, a Centennial, Colorado–based full‑service technology solutions provider. Gladstone Investment structured the deal using a combination of debt and equity financing, consistent with its strategy of backing founder‑ and management‑owned businesses through both capital and long‑term partnership.
DHE serves state, local, education, and commercial customers with end‑to‑end IT products and lifecycle services. Its offerings span hardware and software procurement, device configuration and enrollment, deployment logistics, repair and warranty support, data recovery and emerging managed services, positioning the company as a high‑touch technology partner for managing complex device fleets and broader IT infrastructure. The existing management team, led by CEO and co‑founder Dan Hammack, will continue to run the business post‑transaction, and founders Dan Hammack and Elena “Annie” Hammack will remain meaningful shareholders alongside Gladstone Investment.
Gladstone highlights DHE as a strong fit with its investment strategy of partnering with successful founder‑led, lower middle market companies that generate stable income and potential capital gains. The acquisition is framed as creating a platform for continued growth, leveraging DHE’s long‑standing customer relationships, OEM partnerships, service capabilities and expanding technology offerings. Gladstone believes these attributes position the company to deepen its presence in K‑12 and higher education, government and commercial segments as device lifecycle management and managed services become more central to IT budgets.
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“We are excited to partner with Dan, Annie and the entire DHE team as the Company continues its next phase of growth. DHE has established itself as a trusted, high-touch technology partner to schools, government agencies and commercial customers by delivering the products, services and support needed to manage complex device fleets and broader IT service solutions. We believe DHE’s strong customer relationships, OEM partnerships, service capabilities and expanding technology offerings create a compelling platform for continued growth.”
Michael Cueter, Managing Director, Gladstone Investment
“The Hammack family is excited to partner with Gladstone Investment as we begin DHE’s next chapter. Since founding DHE, our focus has always been on serving as a trusted technology partner to our customers and helping them solve complex IT needs with responsive service and practical solutions. We believe Gladstone Investment is the right partner to help us build on that foundation, continue investing in our team and expanding capabilities, and pursue the next phase of growth for the business.”
Dan Hammack, Co‑Founder and CEO, DHE Computer Systems
“DHE represents another strong example of Gladstone Investment’s strategy of partnering with successful founder- and management-owned lower middle market businesses. This investment represents our dedication to our ultimate goal of investing in quality companies that will produce stable income for dividends to Gladstone Investment’s shareholders, as well as longer-term capital appreciation resulting in capital gains.”
David Dullum, CEO and President, Gladstone Investment Corporation
