In one of the biggest shakeups the motorcycle industry has seen in years, Polaris Inc. has announced it will sell a majority stake in Indian Motorcycle to Carolwood LP, a Los Angeles–based private equity firm known for backing iconic heritage brands. The deal is set to close in early 2026, setting the stage for Indian to stand on its own for the first time in more than a decade.

It’s a bold move — and one that signals Polaris’ intent to double down on its most profitable sectors, from off-road to marine and electric mobility, while giving Indian the independence to define its own future.

“This transaction allows both companies to accelerate their respective strategies,” said Mike Speetzen, CEO of Polaris. “Polaris will sharpen its focus on key growth initiatives, while Indian Motorcycle gains the agility and resources to lead the premium segment.”

Financially, the numbers tell a clear story. Indian brought in roughly $478 million in the twelve months ending June 2025 — around 7% of Polaris’ total revenue. The separation is expected to lift Polaris’ EBITDA by about $50 million and earnings per share by roughly $1.

Indian Motorcycle: Built to Stand Alone

Under Carolwood’s ownership, Indian will retain its 900-plus employees across engineering, design, and production, with operations continuing at the company’s established bases in Spirit Lake (Iowa), Monticello (Minnesota), and Burgdorf (Switzerland). No disruption is expected for riders or dealers — Indian will keep building, selling, and supporting bikes as usual.

A Familiar Face Takes the Helm

At the center of Indian’s next chapter is Mike Kennedy, a name well known in the industry. Kennedy’s three-decade résumé includes leadership stints at Harley-Davidson, Vance & Hines, and RumbleOn — experience that positions him perfectly to steer Indian through its next phase.

“Indian Motorcycle is a symbol of American craftsmanship and performance,” said Andrew Shanfeld, Principal at Carolwood. “Our mission is to honor that legacy while preparing the brand for another hundred years of success.”

Closing a Chapter, Opening Another

The transition also coincides with the retirement of Mike Dougherty, Polaris’ President of On-Road and International Operations, after 28 years with the company. Under his leadership, Polaris expanded its global business tenfold and helped Indian reclaim its spot as the top-selling mid-size cruiser brand in the U.S.

Looking Ahead

For the Indian faithful, this news marks the start of something new — and potentially transformative. With Carolwood providing capital and independence, and Kennedy bringing deep industry insight, Indian Motorcycle stands ready to evolve once again.

A century after its first roar to life, Indian is stepping into its next great adventure — still American, still iconic, but now fully in charge of its own destiny.