Polaris Hands Over Majority of Indian Motorcycle to Carolwood LP

Polaris sells a majority stake in Indian Motorcycle to Carolwood LP, giving the legendary brand independence and fresh momentum for global growth.

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A new era is beginning for one of America’s most iconic motorcycle brands. Polaris Inc. has announced the sale of a majority stake in Indian Motorcycle to Carolwood LP, a Los Angeles–based private equity firm known for transforming heritage brands into independent success stories.

A Strategic Move for Both Companies

The move officially separates Indian Motorcycle from Polaris, allowing both companies to focus on their core strengths. According to Polaris CEO Mike Speetzen, the deal is designed to create agility and long-term value.

Polaris expects the transaction to raise its annual earnings by roughly US$1 per share and boost EBITDA by about US$50 million. In the past year alone, Indian Motorcycle generated US$478 million in revenue, contributing around 7% of Polaris’ total income.

Indian Motorcycle’s Next Chapter

Under the agreement, Carolwood LP will assume control of Indian Motorcycle’s global operations, while Polaris retains a minority stake. The brand will continue manufacturing at its Spirit Lake, Iowa and Monticello, Minnesota plants, along with its design and technology center in Burgdorf, Switzerland.

All 900 employees in engineering, design, and manufacturing will remain with the company, ensuring business continuity. Dealers and customers can expect uninterrupted access to motorcycles, parts, and after-sales services during and after the transition.

Leadership With Experience

Carolwood has tapped Mike Kennedy to lead the new Indian Motorcycle as Chief Executive Officer. Kennedy brings more than three decades of experience in the motorcycle industry, including senior roles at Harley-Davidson, Vance & Hines, and RumbleOn.

Fellow principal Adam Rubin emphasized Carolwood’s commitment to Indian’s identity. “Our mission is simple: preserve what makes Indian unique while empowering it to reach new generations of riders,” he said.

Polaris Veteran to Retire

The transition also marks the retirement of Mike Dougherty, Polaris’ President of On-Road and International, after a 28-year career. Dougherty was instrumental in expanding Polaris’ international operations and helping Indian Motorcycle capture the top market share in the U.S. mid-size cruiser category.

Looking Ahead

For Indian Motorcycle, this deal signals independence and opportunity. Backed by Carolwood’s resources and led by a veteran management team, the century-old brand now has the freedom to expand its legacy, blending tradition with innovation to define the next generation of American motorcycling.