Cohens: Sell energy, real estate; Buy generic drugs

Since the 1970s, the Edward E. and Betsy Zubrow Cohen family, including sons Jonathan Z. and Daniel Gideon, has made fortunes with well-timed acquisitions and sales of energy, financial and real estate companies.

The clan's energy and property side -- father Ed and brother Jon -- has raised more than $500 million in the past five years by selling most of their shares in their public companies: Atlas Pipeline and Atlas Energy (to Chevron and Targa in stages); Resource America (to C-III Capital Partners). (Betsy stepped down as head of Bancorp Bank last fall; son Daniel remains Chairman; he's also boss at FinTech Acquisition, owner of CardConnect.)

What'll the Cohens do with these millions? I asked Betsy after the first Atlas deal. She laughed. Now we have a clue: A New York firm called Seal Rock Partners, controlled by Jonathan and Edward Cohen, has bought control of Keysource Medical Inc., a Cincinnati generic-drug distributor.

It is the first deal for Seal Rock, which says it will invest "$10 to $30 million in growth-oriented companies to support M&A, capital investment, and operational improvements." Won't confirm how much they put in Keysource.

CEO Todd Szwec and his managers will stay in charge at Keystone. Friedman, Levine and Paonessa are "true power-players in the generic drug distribution industry," said Fradin in a statement. He cited the Cohens' divestitures of Atlas and Resource as proof of their "track record of tremendous success."

Will this deal mark the Cohens' generational shift from operating to financing businesses?