Indian returned to its former glory after Polaris acquired it from a private equity firm in 2011. The brand’ s future is uncertain.

Photo by Kevin Wing

POLARIS, WHICH ACQUIRED Indian Motorcycle in 2011, has entered into an agreement to sell a majority stake in the iconic American motorcycle brand to Carolwood LP, a private equity firm. The deal is expected to close in the first quarter of 2026.

While Carolwood will take over the business, Polaris will maintain a small equity position in Indian. The majority of Indian’ s team will be retained under the new deal, including 900 employees.

“ Polaris and Indian Motorcycle both stand to benefit from this deal, which will enable each business to move faster, deliver industry-leading innovation, and lean further into our respective market strengths,” said Polaris CEO Mike Speetzen.

Indian will retain engineers, designers, and other staff, as well as manufacturing resources. Indian’ s manufacturing facilities in Spirit Lake, Iowa, and Monticello, Minnesota, will transition to the new company, as well as the industrial design and technology center in Burgdorf, Switzerland. Polaris states that

Indian Motorcycle will continue to provide sales, service, and support for dealers and customers through the transition.

Taking over as CEO of the new Indian Motorcycle company is Carolwood-selected Mike Kennedy, who has more than 30 years of experience in the motorcycle industry. He’ s served as CEO of RumbleOn and Vance & Hines, and he spent 26 years in various positions at Harley-Davidson, including as vice president and managing director of Americas.

Upon the closing of this deal, Mike Dougherty, Polaris president of on road and international, will retire after a 28-year career with Polaris. He will stay on until the deal is finished to assist with the transition.

Carolwood, founded in 2014 and based in Los Angeles, is a private equity firm with the objective“ to acquire a diverse portfolio of assets with long-term growth opportunities.”

“ Indian Motorcycle is an iconic brand built on American heritage, craftsmanship, and most importantly, a community of riders,” said Andrew Shanfeld, principal at Carolwood.“ We’ re honored to help usher in its next chapter as an independent company and to support its continued growth as a symbol of performance and pride. At Carolwood, we target iconic brands that we can passionately impact. Indian Motorcycle allows us to do just that.”

AMERICANRIDER. COM | OCTOBER / NOVEMBER 2025 | 7