Investment Summary

Novator Partners and Stellican Exits Indian Motorcycle

On April 19, 2011, Polaris invested in automotive company Indian Motorcycle from Novator Partners and Stellican

Investment Highlights
  • This is Polaris’ 2nd transaction in the Automotive sector.
  • This is Polaris’ 1st transaction in the United States.
  • This is Polaris’ 1st transaction in Iowa.
Investment Fate
  • Indian Motorcycle was divested to a consortium of buyers in 2025.

Investment Summary

Date 2011-04-19
Target Indian Motorcycle
Sector Automotive
Investor(s) Polaris
Sellers(s) Novator Partners
Stellican
Deal Type Add-on Acquisition

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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Investor(S) 1

Investor

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 2 of 19
Sector: Automotive M&A 2 of 12
Type: Add-on Acquisition M&A Deals 2 of 17
State: Iowa M&A 1 of 1
Country: United States M&A 1 of 16
Year: 2011 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-03 Swissauto powersports

Burgdorf,, Switzerland

Swissauto powersports LLC, has expertise in designing and developing high-performance and high-efficiency engines and innovative vehicles.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-25 Global Electric Motorcars

Medina, Minnesota, United States

Global Electric Motorcars, LLC is engaged in low-speed, Neighborhood Electric Vehicle (NEV) industry and has more than 45,000 GEM battery-electric vehicles on the road worldwide. GEM cars are used by local, state and national government agencies, resorts, master-planned communities, universities, medical and corporate campuses, as well as by sports teams, taxi-shuttle services and individual consumers.

Buy -

Seller(S) 2

SELLER

Novator Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novator is an alternative investment firm focused on opportunities in the telecom, life science, IT, and renewable energy sectors. Novator will consider investments across the US and Western Europe and has offices in London, Reykjavik, and Luxembourg.


DEAL STATS #
Overall 1 of 7
Sector: Automotive M&A 1 of 2
Type: Add-on Acquisition M&A Deals 1 of 3
State: Iowa M&A 1 of 1
Country: United States M&A 1 of 2
Year: 2011 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-01 WOM

Santiago, Chile

WOM is the result of the desire to innovate, be different and revolutionize the telecommunications market. WOM is based in Santiago, Chile.

Buy -
SELLER

Stellican

London, United Kingdom

Category Private Equity Firm
Founded 1991
Size Small
Type Sector Agnostic
DESCRIPTION

Stellican is a private investment firm that primarily targets distressed and special situation investments. Stellican does not focus within any single sector and its investments can span common equity, preferred shares, or subordinated debt. Stellican's geographic preference is for US and European opportunities. The Firm's target deal size is $5 to $100 million. Stellican was formed in 1991 and is based in London.


DEAL STATS #
Overall 1 of 1
Sector: Automotive M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Iowa M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2011 M&A 1 of 1