Polaris Inc. has announced that it will be selling its majority stake in Indian Motorcycle to a Los Angeles-based private equity firm, Carolwood LP. The deal is expected to be finalised in Q1 of 2026. Indian Motorcycle contributed approximately $478 million, or 7% of Polaris’ revenues, for the 12-month period ended June 30, 2025. The sale is expected to add roughly $50 million to the company’s yearly earnings and approximately $1 per share for investors. Mike Kennedy will assume the position of CEO of Indian Motorcycle once the transaction is completed. The company is expected to operate independently of Polaris. Adam Rubin, Principal at Carolwood, said, “Indian Motorcycle has defined American motorcycling for over a century, and Carolwood’s role is to ensure that legacy thrives for the next hundred years. Mike Kennedy brings over 30 years of experience leading iconic motorcycle and performance brands and will play a critical role in stewarding Indian Motorcycle’s growth. At Carolwood, we’re deeply committed to preserving what makes Indian Motorcycle special, supporting its growth, and empowering the team to write its next great chapter.” The future of the company’s India operations remains unclear at this point in time.
