Vehicle manufacturer Polaris has announced it's selling Indian Motorcycle to a California-based private equity firm.

The Medina-based company confirmed Monday it's separating Indian from its wider portfolio into a standalone business and then selling a majority stake in the business to Carolwood LP, a Los Angeles-based firm formed in 2014.

Polaris says it will "maintain a small equity position" in Indian after the transaction is complete, which is expected in the first quarter of 2026.

The company says Indian Motorcycle has generated about $478 million – or 7% – of its revenue in the 12 months ending June 30.

It ends 14 years of Polaris ownership of the famed motorcycle brand, having bought it in 2011 from two U.K.-based investment firms.

Carolwood will take control of the new Indian

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