Polaris Inc. has announced it will sell a majority stake in Indian Motorcycle to Carolwood LP, a Los Angeles-based private equity firm, marking a major shift for one of America’s most historic motorcycle brands.
The deal, expected to close in the first quarter of 2026, will establish Indian Motorcycle as a standalone company for the first time since Polaris revived the marque in 2011 alongside the Victory Motorcycle brand.
According to Polaris, Indian Motorcycle generated $478 million in revenue over the past year, accounting for about seven percent of Polaris’ total sales. The transaction is projected to boost Polaris’ adjusted annual EBITDA by approximately $50 million and its earnings per share by roughly one dollar. Polaris will retain a minority equity position in the new Indian Motorcycle company, while other terms of the deal were not disclosed.
Polaris CEO Mike Speetzen said the sale allows both companies to focus on their strengths, which for Polaris will reside in their four-wheel side-by-side and agricultural business.
“Polaris and Indian Motorcycle both stand to benefit from this deal,” he said. “It enables each business to move faster and invest more deeply in their respective markets. Under Polaris’ ownership, Indian has re-established itself as a major player in global motorcycling, and we’re confident it will continue to thrive under Carolwood’s leadership.”
Carolwood LP, founded in 2014, specializes in acquiring and growing heritage consumer brands. Firm principal Andrew Shanfeld added, “We’re honored to help usher in its next chapter as an independent company and to support its continued growth as a symbol of performance and pride. At Carolwood, we target iconic brands that we can passionately impact. Indian Motorcycle allows us to do just that.”
To lead the new organization, Carolwood has tapped Mike Kennedy as CEO. Kennedy is a 30-year motorcycle industry veteran with executive experience at RumbleOn, Vance & Hines, and Harley-Davidson.
“Indian Motorcycle has defined American motorcycling for over a century,” said Adam Rubin, another Carolwood principal. “Mike’s leadership will be key to ensuring that legacy continues into the next hundred years.”
Approximately 900 employees will transition to the new Indian Motorcycle Company, including engineers, designers, and factory staff. The brand’s manufacturing facilities in Spirit Lake, Iowa, and Monticello, Minnesota, along with its design and technology center in Burgdorf, Switzerland, will move under the new ownership. Indian will continue to operate its global dealer network and support customers without interruption during the transition.
Within Polaris, Mike Dougherty, President of On-Road and International, will oversee Indian Motorcycle operations until the transaction closes. Dougherty plans to retire after nearly 28 years with Polaris, during which he helped expand the company’s international presence and guided Indian to its number one U.S. market share position in mid-size cruisers.
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