Polaris to sell majority stake in Indian Motorcycle to private equity
Polaris Inc. announced plans to separate Indian Motorcycle into a standalone company, selling a majority stake to Los Angeles–based private equity firm Carolwood LP. The move marks a major shift for Polaris, which relaunched the historic brand in 2011 and helped it reclaim a strong presence in the global motorcycle market.
Under the agreement, Polaris will retain a minority equity position while Carolwood assumes majority ownership. Indian Motorcycle generated about $478 million in revenue, or 7% of Polaris’ total, for the 12 months ended June 30, 2025. The transaction is expected to close in early 2026, pending customary approvals.
Polaris expects the sale to be accretive to adjusted EBITDA by roughly $50 million and to boost adjusted earnings per share by $1.00 annually.
Speetzen praised the brand’s revival under Polaris, adding that Carolwood’s backing would give Indian “the dedicated focus and resources needed for its next stage of growth.”
When the transaction closes, Mike Kennedy — a 30-year motorcycle industry veteran — will become CEO of Indian Motorcycle. Kennedy’s career includes leadership roles as CEO of RumbleOn, president and CEO of Vance & Hines, and 26 years with Harley-Davidson.
The brand name is a very big reason why it is selling well along with the high prices and low performance.
Should have stuck with Victory especially in todays social and political climate plus Victory was a fantastic bike with no issues at all best built bike.