SPIRIT LAKE, IA (Northwestiowanow) — The Indian Motorcycle plant in Spirit Lake will remain fully operational as the brand prepares to separate from Polaris and become its own company.
Polaris announced Monday it’s selling a majority stake in Indian Motorcycle to Carolwood LP, a private equity firm based in Los Angeles. The deal is expected to close in early 2026 and includes the full transition of the Spirit Lake facility and its more than 500 employees.
The plant has been the heart of Indian Motorcycle production for years. It originally built watercraft and Polaris Rangers before shifting exclusively to motorcycles. That focus will continue under the new ownership, with no changes expected to staffing or manufacturing.
The move marks another chapter in Polaris’ motorcycle history. The company launched Victory Motorcycles in the late 1990s, then acquired its longtime competitor Indian in 2011 — eventually retiring the Victory line to focus entirely on Indian’s stronger brand recognition and market potential.
The Spirit Lake site also houses the Indian Motorcycle Visitor Center. While guided tours have wrapped up for the season, weekday video tours are still available, and in-person tours are expected to return next year.
Polaris will keep a minority stake in the company and says the move will allow both businesses to sharpen their focus. For Spirit Lake, it means continued investment and job stability as Indian Motorcycle enters a new chapter.
