Indian Motorcycle Goes Independent – Farewell Polaris

The previous majority owner of the long-established heritage brand Indian, Polaris, will remain on board as a minority shareholder. The deal is expected to be finalized in the first quarter of 2026 and is projected to positively impact margins and profits according to company expectations.

With only a seven percent revenue share, increasing competitive pressure, global uncertainties, and trade policies, Polaris is parting ways with Indian to focus on its more profitable core businesses like ATVs and snowmobiles. At the same time, according to a press release, Indian as an independent brand will be able to respond more flexibly to market dynamics and further expand its premium segment.

Indian Motorcycle is expected to remain largely unchanged operationally. Around 900 employees and the plants in Spirit Lake, Iowa, Monticello, Minnesota, and the technology center in Burgdorf, Switzerland, will transition to the new company. The global dealer network with over 600 partners will remain intact. Service, sales, and production will continue without interruption.

The new CEO will be Mike Kennedy, who was most recently CEO at RumbleOn and Vance & Hines, and spent 26 years at Harley-Davidson with responsibility for all of North America. With this move, Carolwood is banking on an industry insider with proven expertise in brand management and sales architecture.

After the acquisition in 2011, Polaris successfully brought Indian back to the road with new models like the Chief, Scout, and Challenger. The combination of classic design and modern technology earned the brand recognition in the USA and Europe. Recently, Indian claimed the number one spot in the U.S. middleweight market, ahead of Harley-Davidson. In Austria, Indian increased sales by 13% in the first three quarters compared to the previous year, while in Switzerland, 39 fewer units were sold in 2025 compared to 2024.

Indian is recognized as the oldest American motorcycle brand, founded in 1901 in Springfield, Massachusetts. After decades of bankruptcy and ownership changes, it was the team at Polaris that reestablished the brand as a player in the cruiser and touring segment in 2011. Now, in the anniversary year 2026, after 14 years under Polaris, the next chapter in its nearly 125-year history begins.

The consequences for model strategy, pricing policy, and global expansion remain open at this time. Since its founding in 2014, Carolwood has positioned itself as a long-term investor in the consumer, industrial, media, and technology sectorsso far, the firm has not sold any company it has invested in. Polaris' stock price rose by 11% the day after the announcement of the spin-off.

Why is Polaris Selling Indian Motorcycle?
Polaris aims to focus more on high-growth core areas like off-road vehicles and snowmobiles. Indian Motorcycle recently accounted for only about seven percent of the group's revenue and is therefore being spun off as an independent company.

Who is the New Owner of Indian Motorcycle?
The majority stake is being acquired by Carolwood LP, a private equity firm based in Los Angeles. Carolwood specializes in long-term investments and the separation of large company divisions.

What Will Happen to Indian's Employees and Dealers?
Approximately 900 employees, as well as all production sites and development centers in the USA and Switzerland, will transfer to the new company. The global dealer network will remain intact.

Who Will Lead Indian?
Mike Kennedy has been appointed as the new CEOa seasoned manager from the motorcycle industry with tenures at Harley-Davidson, RumbleOn, and Vance & Hines.

When Will the Sale Be Completed?
The transaction is expected to be completed in the first quarter of 2026. Polaris will retain a minority stake in Indian Motorcycle and will support the transition phase.