Elecsys Corp., based in Kansas, has completed its acquisition of the assets and assumption of certain debt of Radix International Corp. and subsidiary Radix Corp. of Salt Lake City.
The transaction was for about $2.2 million and Elecsys assumed about $1.4 million in liabilities. The deal also includes performance-related compensation based on the annual revenues of the acquired business over the next five years, up to about $1.75 million.
Elecsys said it has created a subsidiary for the acquired business. James H. Benson, previously executive vice president for engineering at Radix International, will be president of the subsidiary. He will be based in Salt Lake and will oversee the sales, marketing and product development efforts of the company along with the product integration and service functions that will be transferred to the company's Kansas facility.