Big Flower Holdings, New York, a marketing services company, agreed to be acquired by equity company Thomas H. Lee Co. in a recapitalization and stock transaction deal valued at about $900 million. Founder and Chairman Theodore Ammon and his management team will retain a portion of their equity in the recapitalized company. The merger is subject to shareholder approval. Former magazine executive Peter Diamandis, chairman of the independent directors of Big Flower, said the deal represents the best alternative for shareholders.
Philip Conklin was promoted to managing director of ThompsonConnect Worldwide, New York, J. Walter Thompson Co.'s direct marketing unit, from director of