Chris-Craft Owners Buy Indian Motorcycle Company


The company that owns and revived Chris-Craft boats and Outboard Motor Corporation has purchased the remains of the Indian Motorcycle Company, which shut its doors in September 2003. The new owner is Stellican Limited, a private equity firm headquartered in the UK that specializes in reviving ailing recreational product companies with strong brand names and also owns firms in unrelated industries like soft drinks and cash registers. It has a U.S. office in Florida.

Because its principals supply their own capital, it is less likely to encounter the problems other would-be motorcycle makers have when more capital was required.

The company’s specific plans for the brand have not been set, although it says it will produce Indian motorcycles in the U.S and wants to resume production as soon as possible. It also says that its style is to be long-term brand builders and that it is obsessed with product design and quality.

Though the company’s announcement does not address it, the new company is unlikely to assume the warranty claims or other liabilities of the defunct Indian company. Its vow to resume production early indicates that it is likely to produce the existing models, at least initially.

Stellican’s website lists the following as its portfolio:

The acquisition from Chapter 11 of Chris Craft boats, a US producer of premium motor boats which is considered an icon in the USA. Current portfolio company.

The acquisition from Vickers Plc of Cantieri Riva s.p.a. an Italian producer of luxury motor yachts with the world’s most renowned and prestigious boat brand.

The acquisition, from a bankruptcy procedure, of Vicenza Calcio S.p.A. a leading football team in the Serie A (Italian Premier League) and winner of the 1997 Italian Cup. The company had 1997 sales of $20.0 million.

The acquisition, with other investors, of La Casera, Spain’s largest domestic soft drinks producer with sales of $160 million.

The acquisition, from an English Administrative Receivership, of Maccorp Italiana S.p.A. Italy’s largest chain of Bureaux de Change, trading under the name Exact Change and with sales of $110 million.

The acquisition, via a voluntary liquidation procedure, of Sarema S.p.A. the second largest cash register company in Italy with sales of $24 million.

The acquisition, from a bankruptcy procedure, of Sweda Group, the largest producer of cash registers in Italy with sales in excess of $35 million.

Stellican’s press release follows.

_ Owners of Chris-Craft boats acquire Indian motorcycle brand

London (July 26, 2004) — Stellican Limited, a London-based private equity firm, today announced the acquisition of the trademarks and related intellectual property of Indian, America’s oldest and most iconic motorcycle brand.

Indian Motorcycle was founded in 1901 in Springfield, Massachusetts, two years before Harley-Davidson, and was a leader in the motorcycle industry for the next 50 years with a U.S. market share approaching 50%. The Indian motorcycle was the pride of the American road, enjoying an unmatched reputation for quality and innovation. In fact, motorcycle historians cite the Indian Chief as the originator of today’s cruiser class motorcycle.

In addition to playing an important role at home in America, the company played an important role in World War II by contributing over 40,000 motorcycles to the war effort. In 1953, the company filed for bankruptcy and, for the ensuing 45 years, the Indian brand was effectively dormant. It was not until 1998 that Indian Motorcycle was restarted by a series of investor groups. Unfortunately, however, their substantial efforts to make the company profitable ultimately failed.

In September, 2003, Indian Motorcycle elected to be liquidated through an Assignment for the Benefit of Creditors process managed by CMA Business Credit Services in Burbank, California.


Indian represents the only true American-made heavyweight cruiser alternative to Harley-Davidson. With eleven models across three distinct platforms, namely the Scout, the Spirit and the famed Chief, Indian Motorcycle had an extraordinarily distinctive product range and classic style. The company also sold a comprehensive range of parts, accessories and apparel.

In 2002, the United States heavyweight cruiser market (over 900cc) exceeded $4 billion with over 230,000 units sold. The market recently has experienced double-digit growth rates with continued strong growth projected. The premium (+$12,000/unit) heavyweight cruiser market is considered to be the most profitable segment. This is where Indian Motorcycle competed by providing the only credible alternative to Harley-Davidson in terms of brand, heritage, style and American quality.

Today, Indian has an extraordinary 94% aided brand awareness in the USA and enjoys a cult-like following among motorcycle enthusiasts and the population in general.

I believe Indian remains among the most powerful brands in the U.S. motorcycle market, and we are delighted to own such an iconic American brand, commented Stephen Julius, an Anglo-Italian financier and founding Partner of Stellican Limited. Our primary goal is to return Indian to its rightful position as a premium motorcycle brand, selling beautifully designed, high quality products and delivering world-class services.

We will do so by carefully and thoughtfully developing the business from the ground up, guided by an overriding determination to remain true to the rich heritage of the Indian brand. We are long-term brand builders, obsessed with product design and quality. We have clearly demonstrated our ability to the world over the last three years with our re-launch of Chris-Craft boats, another business we own today and which we purchased out of the 2000 bankruptcy of Outboard Marine Corporation.

We are confident we will repeat our success with Indian, added Mr. Julius.

Stellican Limited is an unusual private equity firm in that it specializes in acquiring and reviving distressed companies, almost all with heritage brands, mainly in the recreational products area. Even more unusually, its capital is provided by its own principals who actively manage its portfolio companies directly. Most recently, in addition to Chris-Craft boats, Stephen Julius, through Stellican Limited, acquired and turned around the iconic Italian yacht manufacturer, Riva, and the Italian Premier League soccer team, Vicenza.

Stellican will now begin the process of determining how best to re-position and re-launch the Indian brand, addressing such issues as where to manufacture in the USA, which engine technology to utilize, which dealers to appoint and when to re-start production. An enormous investment has already been made in product and engine development and Stellican is aware of the need to re-start production as soon as possible once its strategy has been clearly defined.

In addition to world-class motorcycles, a key component of the future strategy will be an integrated approach to the parts, accessories and apparel business. Stellican will ensure all of Indian Motorcycle’s many constituents – suppliers, dealers, current and future customers and the motorcycle and business media – are kept informed of its plans as they develop over the coming months. Stellican will arrange one-on-one interviews with media at the appropriate juncture.

We are excited about this challenge and are confident Indian will live up to its great potential under our ownership. This is a tremendous opportunity to revive a great American brand and we intend to do exactly that, added David Wright, a Partner at Stellican.

Contact: David Wright, Partner Stellican Limited 8161 15th Street East Sarasota, Florida 34243, USA Office 941-358-3744 dwright@stellican.com_

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