Agreed, if you look at the consolidation in this industry it's pretty spectacular. I now work for AECOM in the middle east, once URS and before that SMK and the old Fisher Stewart. In my time consulting firms have become much larger, recently Atkins to a Canadian firm.
Cardno won't last on their own, in that sense, now with zero debt, I think Crescent have played a smart move. I can't say that I think they know anything about running a consulting firm though, their strategy just sounds weird. Sector based in the US - Defence, Environment and by Business Unit and Geography in Australia. Quite odd
2016/17 Full Year Results, page-84
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