Indian Motorcycle goes independent as Carolwood LP closes acquisition

Indian Motorcycle officially entered a new chapter Feb. 2 as Carolwood LP closed its acquisition of the storied brand from Polaris Inc., setting the company up as a stand-alone motorcycle manufacturer for the first time in more than a decade.

The transaction gives Los Angeles–based private equity firm Carolwood majority ownership of “America’s First Motorcycle Company” and puts a sharper spotlight on motorcycles, dealers and U.S.-based manufacturing as Indian looks to build on recent momentum. Polaris retains a minority stake.

The move comes as Indian prepares to celebrate its 125th anniversary in 2026.

“It’s an incredible honor to take the helm of Indian Motorcycle as it celebrates its 125th anniversary,” says CEO Mike Kennedy, a longtime motorcycle industry executive. “This transition gives us the focus and clarity that only a stand-alone company can provide as we honor our past and aggressively drive the brand into the future.”

Kennedy said the company’s long-term strategy centers on deeper brand differentiation, tighter product focus and stronger dealer partnerships. The investment will focus on motorcycles, technology, and rider experiences that reinforce Indian’s heritage of performance, craftsmanship, and innovation.

“We will judge our business based on the success of our dealers,” Kennedy notes. “That means being extremely collaborative, listening closely, and incorporating dealer feedback into everything from operations to product development and marketing.”

Under the new structure, approximately 900 employees will transition to the newly formed Indian Motorcycle Company. Manufacturing will remain in Spirit Lake, Iowa, and Monticello, Minnesota, while design, engineering, and product development will continue in Wyoming, Minnesota, and Burgdorf, Switzerland. Dealer sales, servic,e and support will continue without interruption.

Kennedy emphasized that domestic manufacturing remains central to the brand’s identity.

“America’s first motorcycle company will put America first,” he shares. “‘Built in America’ isn’t a slogan for us. It’s a competitive advantage.”

For dealers, the change signals a more focused OEM partner with motorcycles as its sole priority. With new ownership in place and an anniversary year ahead, Indian Motorcycle is positioning itself to sharpen its lineup, deepen its connection with riders, and deliver what it says will be the industry’s best dealer experience.