Investment firm Carolwood LP has officially acquired a controlling interest in Indian Motorcycle from Polaris Industries, according to a recent announcement. The deal, finalized in early 2026, marks a significant shift for the iconic American motorcycle brand as it celebrates its 125th anniversary. Details of the acquisition terms were not disclosed, but are expected to be revealed in filings with the Securities and Exchange Commission (SEC).
Polaris will maintain a minority stake in Indian Motorcycle. According to motorcycle.com, Indian Motorcycle contributed approximately $478 million to Polaris' revenue for the year ending June 30, 2025, representing 7% of Polaris' total revenue.
A key highlight of this transition is the appointment of Mike Kennedy as the new Chief Executive Officer of Indian Motorcycle. Kennedy brings a wealth of experience to the role, having previously worked with Harley-Davidson and Vance & Hines. His involvement with Indian Motorcycle was evident prior to the official announcement, including his appearance as CEO in a video promoting Vance & Hines' support of Indian's King of the Baggers team. According to the press release, Kennedy and Carolwood have emphasized their long-term commitment to Indian Motorcycle, aiming to alleviate concerns about a potential quick sale to another buyer.
The acquisition includes the transfer of approximately 900 employees. Manufacturing operations will be consolidated in Spirit Lake, Iowa, and Monticello, Minnesota. Research and development will continue in Burgdorf, Switzerland, and Wyoming, Minnesota. Kennedy has emphasized the importance of "Built in America," although it remains unclear whether the final assembly plant in Poland will continue to be used for European-bound motorcycles.
Carolwood and Kennedy have outlined a strategy focused on enhancing the ownership experience for riders and providing stronger support for the dealer network. This includes investing in motorcycle technology and experiences, improving performance and craftsmanship, and strengthening the brand's identity. The company aims to foster transparency and trust with its dealer partners, incorporating their feedback into product development, marketing, and overall business operations. Kennedy stated that dealers are Indian Motorcycle's "most important partners" and that the company's success will be measured by the success of its dealers.
