I am not "following" Crescent into anything. I do note that private equity did well out of Dick Smith though - that was a real disgrace.
In my view cost cutting is largely complete and the U.S business is performing O.K. if loss making operations can be closed.
Please elaborate on your view of the Australian Business. I don't think 40% of their revenue comes from apartments and even if it did; the apartment boom is by many accounts still ramping up?
http://www.*.com.au/australians-are-now-building-10000-new-apartments-every-month-2016-5
Capital Raising, page-170
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