Polaris Sells Majority Stake in Indian Motorcycle to Private Equity Firm Carolwood LP

A Strategic Move for Polaris

Polaris CEO Mike Speetzen described the divestment as a win-win decision for both parties.

"Polaris and Indian Motorcycle both stand to benefit from this deal," Speetzen said. "It allows each business to move faster, deliver innovation, and focus on its strengths."

According to the company's statement, Indian Motorcycle contributed approximately $478 million in revenue for the twelve-month period ending June 30, 2025 — roughly 7% of Polaris' total revenue. Once completed, the sale is expected to boost Polaris' EBITDA by about $50 million and increase earnings per share by around $1.

For Polaris, the move refocuses investment toward high-growth segments of its portfolio, such as off-road vehicles and electric mobility, while unlocking long-term shareholder value.

Indian Motorcycle to Operate Independently

Under the agreement, Polaris will retain a minority equity position, but Carolwood LP will assume majority ownership and full operational control. The new independent Indian Motorcycle company will retain over 900 employees across its engineering, design, and manufacturing teams.

All major facilities — including Spirit Lake, Iowa, and Monticello, Minnesota, as well as the industrial design and technology center in Burgdorf, Switzerland — will remain active under the new structure.

Throughout the transition period, Indian Motorcycle will continue sales, service, and dealer support without disruption. The established global dealer network will remain the backbone of its customer and aftermarket operations.

Leadership and Future Direction

When the transaction is complete, Mike Kennedy will take the helm as CEO of the newly independent Indian Motorcycle. Kennedy's résumé includes top leadership roles at RumbleOn, Vance & Hines, and a 26-year tenure at Harley-Davidson, where he served as Vice President and Managing Director for the Americas.

"Indian Motorcycle is an iconic brand built on American heritage and craftsmanship," said Andrew Shanfeld, Principal at Carolwood LP. "We're honored to help usher in its next chapter as an independent company."

Fellow principal Adam Rubin added that the firm intends to preserve Indian's century-long legacy while empowering the brand's team to innovate for the next generation of riders.

A Smooth Transition and a Farewell

As part of the organizational reshuffle, Mike Dougherty, Polaris President of On-Road and International, has announced plans to retire after the transition concludes. His 28-year career helped grow Polaris' international business from under $100 million in 2000 to over $1 billion today.

Speetzen praised Dougherty's contributions, noting his leadership in making Indian Motorcycle the No. 1 mid-size cruiser brand in the U.S. last year.

Who Is Carolwood LP?

Founded in 2014, Carolwood LP is an independent private equity firm headquartered in Los Angeles, known for acquiring and scaling brands with strong legacy potential. The firm's portfolio spans real estate, hospitality, and media, including stakes in Estate, a real-estate media company, and Jomboy Media, a creator-driven sports platform.

Carolwood specializes in corporate carve-outs and standalone transitions, making it well suited to guide Indian Motorcycle's separation from Polaris and accelerate its growth trajectory.

What This Means for Riders and Dealers

For Indian Motorcycle owners and dealers, day-to-day operations are expected to remain unchanged. The brand's warranty, service support, and dealer network will continue uninterrupted.

However, the independence could give Indian more freedom to develop new models, expand into electric motorcycles, and respond faster to market trends without being tied to Polaris' broader corporate priorities.