Polaris Inc. has announced the sale of its majority stake in the Indian Motorcycle Division to an independent company. The majority stake will be sold to Los Angeles-based private equity firm Carrollwood LP. The deal is expected to be completed in the first quarter of 2026. Currently, Indian Motorcycle contributes about 7% to Polaris’ total revenue, which stood at about $478 million last year. Upon completion of the deal, Polaris will retain a small stake, but is expected to increase its annual profit margins and earnings per share.
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Polaris CEO Mike Spitzen explained the decision to make Indian Motorcycle an independent company would allow both companies to focus on their respective strengths, with Polaris focusing on its core powersports business and Indian Motorcycle continuing its growth as a premium motorcycle brand.
To take over the operations of Indian Motorcycle, Carrollwood LP has appointed Mike Kennedy as the new CEO of the company. Kennedy has more than three decades of motorcycle industry experience, having previously held senior positions at Harley-Davidson, Vance & Hines Exhaust and RumbleOne. The plan aims to build on Indian Motorcycle’s strong heritage and help it emerge as an independent brand that continues to represent American performance and pride.
