Cherry Street Private Equity Investments is interested in acquiring Island Expeditions, Inc., a firm specializing in Caribbean sailboat charters, because it believes IEI is currently undervalued due to severe mismanagement and lack of access to the capital markets. IEI is currently selling at 7.5 times its 2019 EBITDA, well below its industry peers that sell at 12 times 2019 EBITDA. Cherry Street forecasts the pro forma financial data below assuming some improvements in management processes as well as some capital investment to expand the fleet and modernize equipment on the existing fleet. By the end of 2024 Cherry Street believes that it can take IEI public at a multiple of 12 times 2024 EBITDA. It is expected that IEI will have $500 million in debt outstanding in 2024 and a marginal tax rate of 40%. Based on these assumptions, should Cherry Street make this investment if they require an IRR of at least 20%?