Polaris to sell majority stake in Indian Motorcycle to Carolwood LP
Polaris agreed to sell a majority stake in Indian Motorcycle to Carolwood LP, a private equity firm, and will separate the business into a standalone company. The business contributed approximately $478 million, or 7.0%, of Polaris revenue for the twelve months ended June 30, 2025, and the deal is expected to close in the first quarter of 2026. Polaris also expects pre-tax charges of $275 million to $325 million, while preliminary third quarter sales are at the high end of guidance and adjusted EPS is above original expectations.
Key points
- Carolwood to acquire a majority stake; Polaris will keep a small equity position; close expected in the first quarter of 2026.
- Estimated pre-tax charges of $275 million to $325 million, or $230 million to $280 million net of an expected $45 million tax benefit; most to be recorded in the fourth quarter of 2025.
- Preliminary third quarter sales expected at the high end of the $1.6 billion to $1.8 billion guidance range; adjusted EPS expected at $0.31 to $0.41.
- President Mike Dougherty will retire at closing; Carolwood has selected Mike Kennedy as future CEO of the standalone Indian Motorcycle company.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:38 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 14, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.