Motorcycles
Polaris Sells Indian Motorcycles to Private Equity Firm Carolwood LP in Shocking Move
Polaris will spin off Indian Motorcycle as a standalone company before selling it outright to Carolwood. The newly independent brand will be led by Mike Kennedy, former CEO of Vance & Hines and a 26-year veteran of Harley-Davidson, signaling a major leadership shift rooted in decades of motorcycle industry expertise.
In a stunning move that has sent shockwaves through the motorcycle industry, Polaris Inc. announced that it has sold its iconic Indian Motorcycle brand to private equity group Carolwood LP. The deal marks the end of a decade-long ownership that saw Polaris successfully revive one of America’s oldest and most celebrated motorcycle names.
According to the official press release, Polaris will spin off Indian Motorcycle as a standalone company before selling it outright to Carolwood. The newly independent brand will be led by Mike Kennedy, former CEO of Vance & Hines and a 26-year veteran of Harley-Davidson, signaling a major leadership shift rooted in decades of motorcycle industry expertise.
Polaris’ Reasoning: Refocusing on Growth and Shareholder Value
Polaris CEO Mike Speetzen described the sale as a “strategic decision” to allow both companies to grow independently. “Polaris and Indian Motorcycle both stand to benefit from this deal,” Speetzen said. “This will enable each business to move faster, deliver innovation, and lean further into market strengths.”
Speetzen emphasized that the sale will let Polaris concentrate on its most profitable divisions — particularly off-road vehicles, boats, and electric mobility products — while unlocking “long-term value for shareholders.” Despite the sale, Polaris insists that Indian Motorcycle remains “well-positioned for success” as a global player.
Indian Motorcycles
Indian Motorcycle’s New Future Under Carolwood
Carolwood LP, which holds assets across the food, beverage, and sports sectors, is now betting big on motorcycles. The firm’s appointment of Mike Kennedy is viewed as a move to reinforce Indian’s credibility in a competitive market long dominated by Harley-Davidson.
The deal will see roughly 900 Indian Motorcycle employees transition to the new company, maintaining key staff in engineering, design, and manufacturing. Production facilities in Spirit Lake, Iowa, and Monticello, Minnesota, along with Indian’s design and technology center in Burgdorf, Switzerland, will all continue operations under the new ownership.
However, industry analysts note that the word “majority” in Polaris’ statement implies some inevitable workforce reductions. The transition’s impact on existing Polaris employees who worked in overlapping roles remains uncertain.
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A Legacy Reborn—Again
Polaris resurrected Indian Motorcycle in 2011 after decades of dormancy, investing heavily in modern technology while preserving the brand’s heritage. Under Polaris, Indian re-emerged as a rival to Harley-Davidson, offering a mix of American craftsmanship and innovative engineering that earned it critical acclaim and a loyal following.
Now, with new leadership and private equity backing, Indian is once again entering uncharted territory. Whether Carolwood LP can balance profitability with authenticity will determine if Indian continues its upward climb—or risks losing the cultural resonance Polaris worked hard to rebuild.
For Polaris, the move is part of a broader effort to streamline operations and improve efficiency. Preliminary third-quarter results suggest the company is already seeing strong sales and cost management gains.
One thing is sure: the open road for Indian Motorcycles just got a lot more interesting.
