Mackinac Island Ferry Company leader out after private equity firm sale
Let the monopoly begin!
Summary of article via Claude.ai:
The article reports on recent changes in the ferry services to Mackinac Island, Michigan:
Jerry Fetty, the longtime CEO of Mackinac Island Ferry Company (formerly Star Line), has left the company less than a month after its acquisition by the Florida-based Hoffmann Family of Companies.
The Hoffmann Family of Companies, a private equity firm, now owns both major ferry services to Mackinac Island, having purchased Shepler's ferry business in 2022 and Mackinac Island Ferry Company in June 2024.
Chris Shepler, formerly of Shepler's ferry service, is now running Mackinac Island Ferry Company during this transition period.
The new owners claim the two ferry companies will remain separate, but there are signs of integration, such as allowing passengers to exchange passes between the two services.
With these acquisitions, the Hoffmann Family of Companies has become the largest property owner in the Mackinac area, owning over 116 parcels of land, 51 buildings, and 6,500 parking spaces.
The company now employs about 500 people in the Mackinac area and operates a fleet of about two dozen boats in daily service.
The acquisitions are part of the Hoffmann Family of Companies' broader strategy of expanding their holdings in vacation and transit-related businesses across multiple states and countries.
The article highlights the significant changes in ownership and management of key transportation services to Mackinac Island, raising potential implications for competition, local control, and the island's economy.