Indian Motorcycles Ownership Changes as Polaris Sells Majority Stake

Indian Motorcycle will become an independent company following the sale of a majority stake by Polaris Inc. to Los Angeles-based private equity firm Carolwood LP. The deal, set to close in the first quarter of 2026, will see the 124-year-old brand operate separately for the first time since it was acquired by Polaris in 2011. While Polaris will keep a minority holding, full operational control will move to Carolwood. The decision enables Polaris to concentrate on its growing off-road and powersports businesses, while Indian Motorcycle gains the ability to shape its own direction in the global two-wheeler market under new ownership.

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The sale is part of Polaris’s plan to focus on its core operations and improve efficiency across business lines. Indian Motorcycle contributed around USD 478 million in revenue last year, accounting for about 7 per cent of Polaris’s total earnings. By transferring control, Polaris aims to use resources more effectively and drive sustained shareholder value. Both companies are expected to benefit, Polaris by strengthening its main product categories, and Indian Motorcycle by gaining financial and operational flexibility.

From a financial standpoint, Polaris expects the transaction to add around USD 50 million annually to its adjusted EBITDA and raise adjusted earnings by about USD 1 per share. Market analysts have described the move as a strategic shift that allows Polaris to prioritise growth areas while granting Indian Motorcycle autonomy to innovate and expand its product portfolio based on global market conditions.

Following the separation, Mike Kennedy will lead Indian Motorcycle as Chief Executive Officer. A veteran of Harley-Davidson, Vance & Hines, and RumbleOn, Kennedy will oversee roughly 900 employees, with production continuing at existing facilities in Iowa and Minnesota and design operations based in Switzerland. His appointment ensures a stable transition for staff, dealers, and customers worldwide.

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Carolwood LP has said it will maintain Indian Motorcycle’s heritage while supporting global expansion and product development. The new ownership marks the beginning of an independent phase for one of America’s oldest motorcycle manufacturers, with operations expected to continue without disruption.