REVIEW PART II
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Polaris to Sell Indian Motorcycle Majority Stake and Separate It into a Private Equity Owned Standalone Business Unit
There had been rumors( strong rumors), that Polaris Inc. had Indian Motorcycles up for sale for most of this year. The company has now announced that it is to " separate Indian Motorcycle from its portfolio and into a standalone business." Polaris 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 $ 478m, or 7.0 %, of Polaris ' revenues for the trailing twelve-month period ended June 30, 2025. Upon close, the transaction is expected to add to Polaris ' annualized adjusted EBITDA by approximately $ 50m and to adjusted earnings per share(" EPS ") by some $ 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. The company statement went to state that " Polaris is confident in Indian Motorcycle ' s future success under
Former H-D, V & H and RumbleOn / Ride Now executive Mike Kennedy will take over as Indian Motorcycle CEO when the deal completes in 2026.
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 will also unlock greater longterm value for Polaris and our shareholders, with immediate value creation that we expect will become increasingly meaningful over time." Speetzen continued: " Under Polaris ' ownership and investment, Indian Motorcycle has been re-established as a celebrated brand and major player in the global motorcycle market. With its current product portfolio, global dealer network, category expertise and manufacturing resources, the Business is well positioned to succeed as a
Continues on page 8 >>>
NOV 2025
ISSUE # 316
REVIEW PART II
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Best in Show at Budweis Custom Show & Indian Riders Fest, Czechia- for more see pages 24-25...