They are still a strong firm with a good name in the market, but my feeling is that the two camps in the firm - ex Kearney and ex PwC - have never really sat comfortably together. Hiring is focused around the very junior end of the market I think, as I cannot see where experienced hires could be staffed at the moment.
I'm speculating (partly, although as always well informed speculation).. that they have moved too close to PwC, who they have been partnering with as procurement experts, almost becoming a bolt on to PwC itself.
The thing is a niche firm like this can only have 1 end game, and if they are hitting saturation point in what business they can build (and when you have 2 - 3 major projects you'll hit this quickly) -it's sell yourself to a bigger player (hello ATK you know how to do that don;t you?).