Background: Strategic realignment at Polaris
Polaris sees this step as a targeted focus on the fastest-growing segments of its portfolio. According to CEO Mike Speetzen, the sale will enable the company to invest more selectively in strategically important areas, thereby increasing long-term growth and shareholder value. At the same time, the company expects annualized adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to increase by approximately $50 million (approximately €47.5 million). Adjusted earnings per share are also expected to increase by approximately $1.00 (approximately €0.95). Polaris will retain a small minority stake in Indian Motorcycle after the transaction is completed.
Facts and figures: Significance of Indian Motorcycle for Polaris
In the twelve-month period ending June 30, 2025, Indian Motorcycle generated approximately $478 million (around €454 million), representing 7 percent of Polaris’ total revenue. The traditional motorcycle brand, known for models such as the Scout and Chief, was acquired by Polaris in 2011 and reestablished as a competitor in the global motorcycle market.
Impact on employees and locations
As part of the change of ownership, approximately 900 employees will transfer to the new Indian Motorcycle Company. These include development engineers, designers, and production specialists. The production sites in Spirit Lake (Iowa, USA) and Monticello (Minnesota, USA) as well as the design and technology center in Burgdorf (Switzerland) will also remain under the leadership of the new owner. The company emphasizes that the majority of the existing team will be retained, although the exact impact on the total workforce has not yet been finalized.
Change in leadership: Mike Kennedy takes over as CEO
Upon completion of the acquisition, Mike Kennedy will assume the position of CEO of Indian Motorcycle. Kennedy brings extensive experience in the motorcycle industry: he was previously CEO of the US dealer network RumbleOn, headed the exhaust manufacturer Vance & Hines, and spent 26 years in various management positions at Harley-Davidson.
Statements from those responsible
Polaris CEO Mike Speetzen said: “Polaris and Indian Motorcycle are both set to benefit from this transaction by enabling them to act faster, drive innovation and expand their market positions in a more focused way.”
He added that they had found a partner who was committed to continuing the current growth trajectory and wanted to strengthen the brand in the long term.
Carolwood also emphasized that Indian Motorcycle is an “iconic company with a great history, manufacturing expertise, and an active community.” The new management team led by Mike Kennedy intends to preserve the brand’s values and promote further growth.
Continuity for dealers and customers
Indian Motorcycle will continue to use its established distribution network and offer service, spare parts, and accessories after the acquisition. Dealers and customers should feel as little impact as possible from the restructuring. The current president of Polaris’ On Road and International division, Mike Dougherty, will retire after 28 years with the company.
Stock market outlook and financial performance
In parallel with the announcement of the transaction, Polaris released preliminary figures for the third quarter of 2025. The company expects quarterly revenue to be at the upper end of the forecast range of US$1.6 to US$1.8 billion (approximately €1.52 to €1.71 billion). Adjusted earnings per share are expected to be between $0.31 and $0.41 (approximately €0.30 to €0.39). The reasons cited are increased efficiency, higher delivery numbers, and consistent cost management.
Carolwood LP: Brief profile of the new majority shareholder
Carolwood LP, founded in 2014 and based in Los Angeles, pursues a multi-strategy approach to private equity and specializes in acquiring and developing brands with significant growth potential. In addition to investments in restaurants and real estate, Indian Motorcycle is now the best-known industrial company in the company’s portfolio.
