After over a decade, Indian Motorcycle to become it’s own brand once again
I remember when Indian Motorcycle went bankrupt just over a decade ago. I also rode one of the first Chiefs to come off the production line during Daytona Bike Week after Polaris purchased the brand. This news is perplexing and you have to wonder what this means for the employees of Indian Motorcycle?
In a recent announcement, Polaris has outlined its vision for the future of Indian Motorcycle, emphasizing the brand’s heritage and innovative direction.
Separation of Indian Motorcycle Sharpens Strategic and Operating Focus for Both Polaris and Indian Motorcycle Enables Polaris to Concentrate Resources on Most Attractive Areas for Profitable Growth Sale Expected to be Accretive to Polaris’ Adjusted EBITDA Margins and Adjusted Earnings Per Share Polaris President of On Road and International Mike Dougherty Announces Intent to Retire Polaris Provides Preliminary Results for Q3 2025.
MINNEAPOLIS, MN (October 13, 2025) – Polaris Inc. (NYSE: PII) (“Polaris” or “the Company”) today announced its decision to separate Indian Motorcycle (“the Business”) from its portfolio and into a standalone business. The Company has entered into a definitive agreement to sell a majority stake in Indian Motorcycle to Carolwood LP, an independent private equity firm founded in 2014 and headquartered in Los Angeles, California. Indian Motorcycle contributed approximately $478 million, or 7.0%, of Polaris’ revenues for the trailing twelve-month period ended June 30, 2025.
Upon close, the transaction is expected to be accretive to Polaris’ annualized adjusted EBITDA by approximately $50 million and to adjusted earnings per share (“EPS”) by approximately $1.00. The close of the transaction is expected to occur in the first quarter of 2026, subject to the satisfaction or waiver of customary closing conditions. Polaris is confident in Indian Motorcycle’s future success under Carolwood ownership and will maintain a small equity position in the Business after the transaction closes. Additional terms of the deal were not disclosed.
“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 Chief Executive Officer Mike Speetzen. “For Polaris, the sale will further strengthen our focus on the areas of our portfolio that offer the strongest growth potential and allow us to accelerate investments in key initiatives and create wins with customers and dealers. It also will unlock greater long-term value for Polaris and our shareholders, with immediate value creation that we expect will become increasingly meaningful over time.”
