ST. IGNACE, MI -- Longtime Mackinac Island ferry service Arnold Transit is shuttering after years of trying to stay afloat amid financial difficulties.

Competitor Star Line Mackinac Island Ferry is buying Arnold's assets for an undisclosed amount, Star Line CEO Jerry Fetty said on Thursday, Nov. 3.

"Star Line is looking forward to increasing and improving options for our passengers while keeping the historic boats and properties that families have grown to love over the years, operational," Fetty said.

In recent years, ownership of the struggling Arnold Transit had become a legal battle between controlling investors and former owners.

In early 2014, investors ousted the former president, James Wynn, and installed new managers after he sold land at the foot of Arnold's island dock to a developer and took out a massive mortgage on the company without their approval.

Concerns about the company's financial instability prompted longtime client Mission Point Resort to drop its contract with Arnold.

Arnold Transit has provided ferry service from Michigan's famed Mackinac Island to Mackinac City and St. Ignace since 1878. In recent years, Arnold has offered the cheapest fares but with less frequent runs than its two competitors, Star Line and Shepler's ferry services.

With the deal, Star Line acquires five classic ferries, one freight boat, four docks including the main dock on Mackinac Island, one boatyard, along with parking lots and ticket booths in Mackinaw City and St. Ignace.

Arnold's fleet of ships named Huron, Chippewa, Ottawa, Straights of Mackinac II, Mackinac Islander, and Algomah will join Star Line's fleet, which includes the Mackinac Express catamaran, Marquette II, Radisson, Cadillac, Joliet, LaSalle, and Anna May.

The additional boats will double Star Line's fleet, said Fetty, who has helmed Star Line for three years.

Star Line, which already provides the most trips to the island, might increase the number. During peak summer months, boats are leaving docks every 15 minutes.

"We will have more options for people," said Fetty, noting Star Line offers its trademark hydro-jet ferries and just added a catamaran last year.

He said the company has seen a steady increase of riders in recent years.

With the acquisition of the Huron, Star Line will take over winter ferry service. The steel-hull passenger ferry has been the only water transportation during winter to the island since 1955.

It's considered a vital transportation for the 600 residents who live on the popular tourist attraction during its quiet winter months.

Star Line says it will honor Arnold's winter ferry passenger service agreement. The company has plans to make changes and improvements throughout the winter. Fetty said he expects most of the Arnold Line boats will be brought up Star Line's standards when the summer 2017 season begins.