The Medina, Minn., based Polaris Industries purchased Indian Motorcycle Limited from its previous owners, primarily Stellican, a private equity firm from the U.K., and Novator Partners LLP, an investment firm based in London. Terms of the acquisition were not released.
The current Indian Motorcycle Company has only been around since 2006 but the name it carries goes back to 1901. Indian Motorcycle produces luxury cruisers and baggers such as the Indian Chief Dark Horse and the Indian Chief Blackhawk.
“We are excited to be part of the revitalization of a quintessentially American brand,” says Scott Wine, chief executive officer of Polaris Industries Inc. “Indian built America’s first motorcycle. With our technology and vision, we are confident we will deliver the classic Indian motorcycle, enhanced by the quality and performance for which Polaris and Victory are known.”
Indian will operate as an autonomous business unit, separate from Polaris’ other divisions including Victory Motorcycles which also specializes in cruisers and touring motorcycles. While Polaris’ two motorcycle brands operate in the same segments, the two brands differ in styling with Victory’s modern styles targeting the performance market while Indian will continue building on its classic styling and American heritage. Indian will also benefit from Polaris’ engineering and production resources.
“We are delighted to have reached an agreement with Polaris. Polaris will utilize its well-known strengths in engineering, manufacturing, and distribution to complete the mission we undertook upon re-launching the brand in 2006: harness the enormous potential of the Indian brand,” says Stephen Julius, chairman of Indian and managing director of Stellican. “Polaris is the most logical owner of Indian Motorcycle. Indian’s heritage brand will allow Polaris to aggressively compete across an expanded spectrum of the motorcycle market.”