Polaris sells majority stake in Indian Motorcycle

Indian Motorcycle is set to become an independent company, with Polaris Inc. selling off its majority stake in the business to US-based private equity firm, Carolwood LP. The sell-off will also bring new management, with Mike Dougherty, current President of Polaris On Road & International, to retire, replaced by former Vance & Hines CEO, Mike Kennedy.

While Indian generated around US$478 million in revenue over the financial year ending 30 June, 2025, that accounted for only 7.0 per cent of Polaris’s total revenue from the same period.

Similar performance led Polaris to terminate the Victory brand in 2017, but the heritage of the Indian name means it has a lot more currency than Victory ever did, hence Polaris’s decision to sell Indian (that it purchased in 2011) rather than shut it down. Additionally, going independent is said to ensure Indian will receive more resources than it did under Polaris.

“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.

“Under Polaris’s ownership and investment, Indian Motorcycle has been re-established as a celebrated brand and major player in the global motorcycle market. With its current product portfolio, global dealer network, category expertise and manufacturing resources, the business is well positioned to succeed as a standalone company with a dedicated focus on its industry.”

Carolwood LP was founded just over a decade ago, and say their mission is to “partner with iconic businesses and empower them to thrive as independent companies”, according to a memo released to Indian Motorcycle staff, of which there are approximately 900. Most of those staff, across manufacturing facilities in two US states and a design and technology centre in Switzerland, are expected to be retained. Indian Motorcycle retail operations are also expected to continue unchanged.

“In Carolwood, Indian Motorcycle has a partner that believes in building on the business’ current momentum and supporting its next stage of success,” Speetzen added. “We are confident and committed to making this a seamless transition for Indian Motorcycle dealers, customers and employees.”

The transfer of ownership from Polaris to Carolwood is expected to be completed by Q1, 2026.

Kennedy will take on the CEO role at that time, bringing leadership experience from Harley-Davidson and powersports retailer, RumbleOn, as well as Vance & Hines.