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.
Polaris had the most reliable bike in the market “Victory” and should have kept it of course “Indian” would not be successful in the WOKE era, especially with the target market “High Net Worth buyers, the 1%ers.
Indian had a great history both as bikes and in racing but the name is a huge liability now due to WOKENESS.
Also Victory bikes were and still are better and nicer looking than Indian bikes.
This could be an opportune time to revive Victory as a made in USA bike (built and designed) which Indian is not.
Polaris is killing another company and screwing another group of loyal customers, just like the did with Victory. They got customers to purchase really expensive bikes then let the company fail and the customers get stuck with low residual value bikes. This is a dirtbag move.
The brand name is politically incorrect which is a major issue with its well off target customer base and it was not a bullet proof great looking bike like the Victory which it replaced. Too bad as Indian has a long history in motorcycles.
Too expensive and not a pc name and not a better bike (performance wise, price wise, and looks wise) than Victory.
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.