The ink was barely dry on this month’s BDN On the Money column, detailing a litany of new management faces and corporate directions at Harley-Davidson, when news emerged that the US bike brand in the most threatening pursuit, Indian Motorcycle, is a target for acquisition from Polaris Industries by major Los Angeles-based private equity firm Carolwood LP.
Mike Kennedy to become Indian Motorcycle chief executiveCarolwood, which was founded in 2014 by entrepreneurs Andrew Shanfeld and Adam Rubin, runs on the motto: “We Acquire, We Transform, We Elevate”, and bases itself on investment criteria of up $500m. Its objective is building a diverse portfolio of assets with long-term growth opportunities and has never sold an asset thus acquired.
Carolwood is now in the process of buying a majority stake in a new standalone Indian Motorcycle company. Polaris will maintain a small equity position in this entity after the transaction closes. The conclusion is expected to be finalised in the first quarter of 2026.
Approximately 900 employees will transition from Polaris to the new company. Indian Motorcycle will retain most of its current team, including engineers, designers, and other staff, as well as its manufacturing resources. Production facilities in Spirit Lake, Iowa and Monticello, Minnesota, as well as an industrial design and technology centre in Burgdorf, Switzerland, will also join the new standalone operation as part of the deal.
Currently, besides its second-tier overall status in the US, Indian Motorcycle also holds the leading market position in mid-size cruisers. In addition, with its Indian Scout platform, Indian Motorcycle was the first American V-twin brand to utilise liquid cooling as an alternative to air-cooled V-twin configurations.
The new proprietors have brought a seasoned industry veteran on board in the shape of Mike Kennedy as their operating partner, and he will subsequently take on the role of Indian Motorcycle chief executive once the company is fully functional. Most recently, Kennedy served as chief executive of RumbleOn, the largest US powersports dealership group. And before that, he was chief executive of Vance & Hines, a major manufacturer of high-performance aftermarket motorcycle exhaust systems and other accessories. Prior to those appointments, Kennedy spent 26 years at Harley-Davidson, eventually serving as vice president and managing director of Americas from 2010 to 2017. During that time, he managed a network of 800 dealers.