Polaris, which acquired Indian Motorcycle in 2011, has now entered into an agreement to sell a majority stake in the iconic American motorcycle brand to Carolwood LP, a private equity firm. The deal is expected to close in the first quarter of 2026. Also included in this announcement is news about new leadership, including Indian’s new CEO Mike Kennedy.
While Carolwood will take over the business, Polaris will maintain a small equity position in Indian. The majority of Indian’s team will be retained under the new deal, including 900 employees.
“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,” said Polaris Chief Executive Officer Mike Speetzen. “For Polaris, the sale will further strengthen our focus on the areas of our portfolio that offer the strongest growth potential and allow us to accelerate investments in key initiatives and create wins with customers and dealers. It also will unlock greater long-term value for Polaris and our shareholders, with immediate value creation that we expect will become increasingly meaningful over time.”
Part of this deal includes transitioning about 900 employees to the new Indian Motorcycle. Indian will retain team members including engineers, designers, and staff, as well as manufacturing resources. Indian’s manufacturing facilities in Spirit Lake, Iowa, and Monticello, Minnesota, will transition to the new company, as well as the industrial design and technology center in Burgdorf, Switzerland. Polaris states that Indian Motorcycle will continue providing sales, service , and support for dealers and customers through the transition.
Taking over as CEO of the new Indian Motorcycle company is Carolwood-selected Mike Kennedy, who enters the position with more than 30 years of experience in the motorcycle industry. He’s served as CEO of RumbleOn and Vance & Hines, and he spent 26 years in various positions at Harley-Davidson, including as vice president and managing director of Americas.
Upon the closing of this deal, Mike Dougherty, Polaris president of on road and international, will retire after a 28-year career with Polaris. Until then, he intends to stay on until the deal is finished to help during the transition.
Carolwood was founded in 2014 and is based in Los Angeles, California. It’s a private equity firm with the objective “to acquire a diverse portfolio of assets with long-term growth opportunities.”
“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. At Carolwood, we target iconic brands that we can passionately impact. Indian Motorcycle allows us to do just that.”
Additional details about the transition will be provided when Polaris publishes its third quarter 2025 results, which is expected on Tuesday, Oct. 28. Stay tuned for more info.
