Polaris Inc. (NYSE: PII) announced on October 15, 2025 that it will separate its Indian Motorcycle division and sell a majority stake to private‑equity firm Carolwood LP. The transaction, which is expected to close in the first quarter of 2026, will create a standalone Indian Motorcycle company while Polaris retains a small equity position.
Indian Motorcycle contributed approximately $478 million, or 7.0% of Polaris’ revenue for the trailing twelve‑month period ending June 30, 2025. The deal is projected to add about $50 million to Polaris’ annualized adjusted EBITDA and roughly $1.00 to adjusted earnings per share, making it accretive to the company’s profitability metrics.
Polaris’ president of On‑Road and International, Mike Dougherty, announced his intent to retire following the transaction. The company also scheduled its third‑quarter 2025 financial results for October 28, noting that the divestiture is expected to strengthen Polaris’ focus on core off‑road vehicle business and improve financial flexibility.
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