PGH Motorcycles to sell Indian in 2012
Polaris Industries buys the Indian Motorcycle company
Indian Motorcycles was acquired today by Polaris Industries. With
the slow economy, Indian had a tough road due to a limited and high end
line of motorcycles. Polaris, on the other hand is far more diversified
and better able to weather the current market conditions. This could be a
good combination for both companies. Very interesting!
Press release follows:
Polaris Industries Inc. today announced the acquisition of Indian
Motorcycle. The business was acquired from Indian Motorcycle Limited
(“IML”), a company advised by Stellican Limited and Novator Partners
LLP, U.K. Private Equity firms. Terms of the transaction were not
disclosed.
“We are excited to be part of the revitalization of a
quintessentially American brand,” said Scott Wine, CEO 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.”
With this acquisition, Polaris adds one of motorcycling’s legendary
brands to its strong stable of Victory cruiser and touring bikes.
Indian will operate as an autonomous business unit, building upon the
potent combination of Polaris’ engineering acumen and innovative
technology with Indian’s premium brand, iconic design and rich American
heritage.
“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,”
said 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.”
Novator Partners LLP is a London based alternative investment firm
founded and led by the investor Mr. Thor Bjorgolfsson. An avid
motorcycle enthusiast, Mr. Bjorgolfsson said “After a troubled past, our
goal was to bring the legendary Indian bikes back on the roads. The
initial phase of that project is done and now our great partners at
Polaris will carry on the work to realize the full potential of this
classic American brand.”
