M&A Deal Summary

Carolwood Acquires Indian Motorcycle

On October 13, 2025, private equity firm Carolwood acquired automotive company Indian Motorcycle from Polaris

Acquisition Highlights
  • This is Carolwood’s 1st transaction in the Automotive sector.
  • This is Carolwood’s 1st transaction in the United States.
  • This is Carolwood’s 1st transaction in Iowa.

M&A Deal Summary

Date 2025-10-13
Target Indian Motorcycle
Sector Automotive
Buyer(s) Carolwood
Sellers(s) Polaris
Deal Type Divestiture

Target

Indian Motorcycle

Spirit Lake, Iowa, United States
Indian Motorcycle is a motorcycle manufacturing company that designs, manufactures, and retails motorcycles. Indian Motorcycle was founded in 1901 and is based in Spirit Lake, Iowa.

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Buyer(S) 1

DESCRIPTION

Carolwood is a private investment firm that maintains a dual focus: a private?equity arm that invests in businesses across consumer, industrial, media and technology sectors with revenues between $and $500?million, and a real?estate arm that acquires and repositions investment?grade assets for long?term growth. Prospective PE deal situations include special situations, divestitures and complex transactions. Carolwood was formed in 2014 and is based in Los Angeles, California.


DEAL STATS #
Overall 1 of 1
Sector: Automotive M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: Iowa M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1

Seller(S) 1

SELLER

Polaris

Medina, Minnesota, United States

Category Company
Founded 1954
Sector Automotive
Employees15,000
Revenue 7.2B USD (2024)
DESCRIPTION
Polaris' corporate headquarters in Medina, Minnesota.
Polaris' corporate headquarters in Medina, Minnesota.

Polaris designs, engineers, manufactures and markets off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER and RZR side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles. Polaris was founded in 1954 and is based in Medina, Minnesota.


DEAL STATS #
Overall 3 of 3
Sector: Automotive M&A 3 of 3
Type: Divestiture M&A Deals 2 of 2
State: Iowa M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-16 Transamerican Auto Parts

Compton, California, United States

Transamerican Auto Parts is a provider of parts and accessories for off-road vehicles. It offers products in various categories, including tires, wheels, steel products, lighting, winches, jeep accessories, truck accessories, and general accessories. Transamerican Auto Parts is based in Compton, California.

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