Indian Motorcycle is set to enter a new chapter as Polaris Inc., its parent company since 2011, prepares to sell a majority stake to U.S. private equity firm Carolwood LP. The landmark move, expected to finalise in early 2026, marks a strategic shift for both companies while reaffirming Indian’s commitment to quality, performance and rider support.

Polaris will retain a minority interest in Indian, allowing the new company to operate independently while still benefiting from Polaris’ engineering legacy. The transaction includes the full transfer of Indian’s design, engineering and manufacturing operations, which will continue from its U.S. base in Spirit Lake, Iowa, and Monticello, Minnesota, along with its European R&D centre in Burgdorf, Switzerland.

A Proven Legacy, a Confident Transition

Since acquiring Indian Motorcycle in 2011, Polaris has led a remarkable brand revival, retiring the Victory marque in 2017 to focus entirely on Indian. Since then, the company has re-established Indian as a serious competitor to Harley-Davidson, particularly in the premium V-twin and cruiser segments.

The newly independent Indian Motorcycle will be led by Mike Kennedy, a seasoned industry executive with leadership experience at Harley-Davidson, Vance & Hines, and RumbleOn. He replaces Mike Dougherty, Polaris’ President of On-Road and International, who will retire upon the deal’s completion.

What This Means for Riders

For Indian owners, dealers and fans, there is no immediate change. The existing dealer network will continue to provide sales, servicing, parts and warranty support without interruption. Indian’s upcoming product roadmap including updates to the Scout range and premium audio system upgrades remains fully on track.

Polaris has confirmed that Indian Motorcycle generated approximately US$478 million in revenue over the 12 months, making up about 7% of Polaris’ total revenue. The transaction is expected to improve Polaris’ profitability and free up resources to focus on its off-road, marine and snow segments.

Importantly, Polaris will continue to support the transition, helping Indian maintain stability in supply chains and customer service through early 2026. Customers with existing warranty coverage or pending orders can expect continuity.

The Road Ahead

While Indian Motorcycle becomes an independent company under Carolwood LP, the brand’s direction is not expected to shift overnight. Instead, Indian is likely to gain greater focus and agility, particularly in expanding its international footprint and responding to evolving rider expectations.

However, the BMF will be monitoring this development closely. Private equity ownership can bring both investment and restructuring, so we’ll continue to advocate for the interests of riders, dealers and UK customers throughout the transition.

At this stage, though, there is no cause for alarm. This is not the end of the road – it’s a fork in the trail. Indian Motorcycle remains a proudly built American brand with global ambitions and a growing rider community here in Britain.
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Sources:

• Polaris Inc. Investor Relations.
“Polaris to Separate Indian Motorcycle into a Standalone Company; Will Sell Majority Stake to Carolwood LP.”

• Reuters.
“Polaris shares surge on Indian Motorcycle unit spin-off, profit forecast.”

• The Wall Street Journal.
“Polaris to Sell Indian Motorcycle Business to Private-Equity Firm.”

• Barron’s.
“Polaris Stock Soars on Indian Motorcycle Sale. What It Means for Harley-Davidson.”

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The BMF will continue to report on developments affecting riders, industry partners, and manufacturers. For the latest updates, check our news page or follow us on social media.

Written by MJ

Top image courtesy of Indian Motorcycles

In article image authors own