Polaris Spins Off Indian Motorcycle into Independent Company, Sells to Private Equity Firm

In one of the biggest shakeups the motorcycle industry has seen in years, Polaris has announced that it will separate Indian Motorcycle into its own standalone company. 

The powersports manufacturer, known for brands like RZR, Sportsman, and Slingshot, is selling a majority stake in Indian Motorcycle to Carolwood LP. The buyer is a Los Angeles-based private equity firm that specializes in helping iconic brands grow independently.

The decision marks a major turning point for Indian Motorcycle, which Polaris revived in 2011 and has since rebuilt into one of America’s most respected motorcycle names. According to Polaris, the move will allow both companies to sharpen their focus. Polaris will concentrate on its fastest-growing off-road and utility segments, and Indian on the open road ahead.

Polaris CEO Mike Speetzen said Polaris will maintain a small equity position in Indian after the sale, signaling confidence in the brand’s future.

To act as Indian’s new CEO, Carolwood LP plans to bring in Mike Kennedy, a 30-year motorcycle industry veteran who has held leadership roles with Harley-Davidson, Vance & Hines, and RumbleOn. 

“Indian Motorcycle is an iconic brand built on American heritage, craftsmanship, and community,” said Andrew Shanfeld, Principal at Carolwood. “We’re honored to help usher in its next chapter as an independent company.”

The transition is expected to close in early 2026, with Indian retaining its roughly 900 employees, manufacturing facilities in Spirit Lake, IA, and Monticello, MN, and its design and technology center in Switzerland. Riders, dealers, and owners can expect business as usual throughout the transition.

Under Polaris, Indian reclaimed its position as a major player in American motorcycling, challenging long-established competitors and winning over a new generation of riders. Now, as it prepares to stand on its own, Indian Motorcycle looks ready to chart its own course once again—this time with fresh backing, familiar leadership, and more independence than ever before.