Iconic Indian Motorcycle Brand Sold to Private Equity Firm in Strategic Transition

Indian Motorcycle, one of the world's most celebrated motorcycle brands with over a century of American heritage, is embarking on a new chapter following its separation from Polaris Inc. and sale to Los Angeles-based private equity firm Carolwood LP. The iconic brand, known for its distinctive design and commitment to craftsmanship, will operate as an independent company for the first time in over a decade.

A Century of American Legacy

Indian Motorcycle stands as a symbol of American motorcycle engineering and craftsmanship, having defined the industry for generations of riders worldwide. The brand's legacy spans over 100 years, marked by distinctive styling, powerful performance, and a dedicated community of enthusiasts who view Indian motorcycles not merely as vehicles but as expressions of heritage and freedom.

For motorcycle connoisseurs and riders globally, Indian represents a different philosophy from its competitors—one rooted in American craftsmanship traditions and a deep connection to motorcycle culture. The brand's motorcycles, particularly its mid-size and heavyweight cruisers, have earned recognition and respect across international markets, including among premium motorcycle enthusiasts in India and across Asia.

The Polaris Era and Brand Renaissance

Polaris acquired Indian Motorcycle in 2011 and has invested significantly in re-establishing the brand as a major player in the global motorcycle market. During its years under Polaris ownership, Indian Motorcycle achieved remarkable milestones, most notably claiming the number one market share position in the United States for mid-size cruisers last year.

Under Polaris stewardship, the brand received renewed investment in product development, design innovation, and manufacturing capabilities. The company strengthened Indian Motorcycle's global dealer network, expanded its product portfolio, and positioned the brand competitively against established rivals in the cruiser motorcycle segment. Indian Motorcycle contributed approximately $478 million, or 7 percent, of Polaris' revenues during the trailing twelve-month period ended June 30, 2025.

However, for a diversified powersports company like Polaris—which manufactures everything from off-road vehicles and snowmobiles to pontoon boats—maintaining a specialized motorcycle brand required dividing focus and resources. The separation reflects a strategic decision by both companies to pursue independent paths aligned with their respective core competencies.

A New Independence

The sale to Carolwood LP, expected to close in the first quarter of 2026, marks Indian Motorcycle's transition to independent operation. Carolwood, founded in 2014, specializes in acquiring iconic brands with significant potential for growth and repositioning. The firm has specifically designed its infrastructure to support corporate divisions as they transition into standalone enterprises.

"Indian Motorcycle is an iconic brand built on American heritage, craftsmanship, and most importantly, a community of riders," said Andrew Shanfeld, Principal at Carolwood. "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."

For Indian Motorcycle, independence offers the opportunity to pursue dedicated strategic initiatives, accelerate innovation within the motorcycle industry, and make rapid decisions tailored specifically to motorcycle enthusiasts and market dynamics. The brand will operate with singular focus on its core mission: manufacturing and supporting premium motorcycles for a global rider community.

Leadership and Continuity

Carolwood has appointed Mike Kennedy as CEO of the independent Indian Motorcycle organization. Kennedy brings over three decades of motorcycle industry expertise, having led major powersports companies and having spent 26 years at Harley-Davidson in various leadership capacities. His appointment signals continuity and industry expertise guiding the brand's future.

Approximately 900 employees will transition to the new independent company, with Indian Motorcycle retaining its core teams of engineers, designers, and manufacturing staff. The brand's production facilities in Spirit Lake, Iowa, and Monticello, Minnesota, along with its industrial design and technology center in Burgdorf, Switzerland, will transition to the standalone organization.

This operational continuity ensures that Indian Motorcycle maintains its manufacturing capabilities, technical expertise, and commitment to quality that define the brand. Riders and dealers worldwide can expect consistent product development, service, and support throughout the transition.

Manufacturing and Product Commitment

Indian Motorcycle manufactures a diverse range of motorcycles and related products under its distinctive branding. The company produces mid-size and heavyweight cruisers that appeal to diverse rider preferences, alongside parts, garments, and accessories that enhance the motorcycle experience. The brand's global dealer network spans numerous countries, serving customers from enthusiasts to casual riders.

The separation preserves Indian Motorcycle's manufacturing infrastructure and supply chain, ensuring that production capabilities remain intact. The brand will continue delivering products and services through its established global network, maintaining the relationships with dealers and customers that form the foundation of its business.

Strategic Vision Forward

The transaction is expected to generate approximately $50 million in annual adjusted EBITDA benefits for Polaris and approximately $1.00 in adjusted earnings per share, demonstrating the financial logic of the separation for the parent company.

For Indian Motorcycle, independence under Carolwood ownership offers the potential to establish a dedicated strategic direction. The brand can now focus exclusively on innovation within motorcycling, respond more rapidly to market trends, and invest resources directly into product development and dealer support without competing priorities from other product categories.

Polaris CEO Mike Speetzen emphasized that both entities benefit from the arrangement. "Polaris and Indian Motorcycle both stand to benefit from this deal, which will enable each business to move faster, deliver industry-leading innovation, and lean further into our respective market strengths," he noted, adding that the sale "will further strengthen our focus on the areas of our portfolio that offer the strongest growth potential."

A Legacy Continues

As Indian Motorcycle enters this new phase, the brand's century-long heritage of American craftsmanship and motorcycle excellence remains at its core. With experienced leadership, dedicated teams, and committed private equity backing, Indian Motorcycle is positioned to write the next chapter of its storied history as an independent entity serving the global community of riders who have embraced the brand's distinctive character and performance heritage.