Indian Motorcycle Sold to Carolwood LP, a Private Equity Firm in Los Angeles

New ownership aims to elevate the iconic American brand with a focus on domestic manufacturing and strengthening the dealer network.

Published on Feb. 3, 2026

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Indian Motorcycle, America's oldest motorcycle company, has been acquired by Carolwood LP, a private equity firm based in Los Angeles. The deal marks the beginning of a new era for the iconic brand, which will now operate as a fully independent business under the leadership of new CEO Mike Kennedy. The acquisition includes approximately 900 employees, and Indian Motorcycle will continue manufacturing in its existing facilities in Iowa and Minnesota, while maintaining its design and R&D centers in Switzerland and Minnesota.

Why it matters

The sale of Indian Motorcycle to a private equity firm signals a shift in ownership and strategy for the historic American brand. Under new leadership, Indian Motorcycle aims to sharpen its focus, elevate its craftsmanship and performance, and deepen its connection to the riding community. This transition comes at a pivotal time as the company celebrates its 125th anniversary, providing an opportunity to honor its legacy while driving the brand into the future.

The details

The acquisition agreement with previous owner Polaris Inc. closed on February 2, 2026, officially transferring ownership to Carolwood LP. New CEO Mike Kennedy, a veteran of the motorcycle industry, is committed to a long-term strategy centered on delivering an enhanced ownership experience for riders and stronger support for the dealer network. This includes concentrating investments in the motorcycles, technologies, and experiences that riders value most, as well as sharpening the brand's performance, craftsmanship, and connection to its unique character and heritage.

  • The acquisition agreement with Polaris Inc. closed on February 2, 2026.
  • 2026 marks the 125th anniversary of Indian Motorcycle.

The players

Carolwood LP

A private equity firm based in Los Angeles that has acquired Indian Motorcycle.

Mike Kennedy

The new CEO of Indian Motorcycle, a veteran of the motorcycle industry who is leading the company into its next chapter as a stand-alone business.

Polaris Inc.

The previous owner of Indian Motorcycle, which has now sold the iconic American brand to Carolwood LP.

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What they’re saying

“It's an incredible honor to take the helm of Indian Motorcycle as it celebrates its 125th Anniversary, empowered by a sense of gratitude and opportunity, and the support and ambition of a well-resourced, highly motivated ownership team.”

— Mike Kennedy, CEO, Indian Motorcycle Company (totalmotorcycle.com)

“We will achieve our vision through a deeper level of differentiation, leaning in on what makes our brand unique, and with products that possess a style, craftsmanship and performance quality that is uniquely justified by our historic legacy and spirit of innovation.”

— Mike Kennedy, CEO, Indian Motorcycle Company (totalmotorcycle.com)

“Dealers are our most important partners, and we will judge our business based on the success of our dealers. We intend to be extremely collaborative with our dealers, actively listening to their feedback and incorporating it into our planning and decision-making, not only in terms of dealer operations, but also product development and marketing.”

— Mike Kennedy, CEO, Indian Motorcycle Company (totalmotorcycle.com)

“America's first motorcycle company will put America first. Our brand and business will be grounded in our American identity and more importantly, American manufacturing. 'Built in America' is not a slogan. It's a competitive advantage, and we intend to use it.”

— Mike Kennedy, CEO, Indian Motorcycle Company (totalmotorcycle.com)

What’s next

The new leadership team at Indian Motorcycle is expected to provide more details on their long-term strategy and product plans in the coming months as they work to elevate the iconic American brand.

The takeaway

The sale of Indian Motorcycle to a private equity firm signals a new era of independence and focus for the historic American motorcycle brand. Under new leadership, Indian Motorcycle aims to sharpen its identity, deepen its connection to riders, and leverage its American heritage and manufacturing as a competitive advantage in the global motorcycle market.