Polaris to Sell Majority Stake in Indian Motorcycle to Private Equity Firm

Polaris Inc. will sell a majority stake in Indian Motorcycle to Carolwood LP, a Los Angeles-based private equity firm, making the century-old brand an independent company.

The transaction is expected to close in the first quarter of 2026. Polaris will retain a minority equity position while Carolwood takes full operational control.

Indian Motorcycle generated approximately $478 million in revenue, accounting for 7 per cent of Polaris' total revenue for the year ending June 2025.

Mike Speetzen, CEO of Polaris, said the separation will enable both companies to pursue faster innovation. He indicated that Indian Motorcycle will have greater flexibility to expand in the premium motorcycle segment with Carolwood's backing.

Andrew Shanfeld, Principal at Carolwood, said the firm plans to support Indian Motorcycle's growth. He noted that the brand warrants dedicated focus and leadership to strengthen its position in global markets.

Indian Motorcycle will continue operating from its facilities in Spirit Lake, Iowa, and Monticello, Minnesota, as well as its design and technology center in Burgdorf, Switzerland. Sales, service, and dealer operations will remain unchanged during and after the transition.

The restructuring is expected to provide Indian Motorcycle with greater autonomy to develop and implement new strategies under independent leadership.