O2 Launches Aqua Forge and Appoints Dan Axelson as CFO

MINNEAPOLIS--(BUSINESS WIRE)--O2 Investment Partners (www.o2investment.com) is excited to announce the branding of its water well drilling and repair services platform, established in April 2026. Following O2’s initial investment in Steffl Drilling & Pump, this new platform sets the stage for future partnerships with other complementary partners in the space. The platform will operate under the name Aqua Forge.

Aqua Forge will be a trusted water well drilling and repair services provider, helping municipal, agricultural, commercial, and residential customers maintain reliable access to the most essential resource, water.

To support the platform’s next phase of growth, O2 has appointed Dan Axelson as Chief Financial Officer (CFO). Dan joins Aqua Forge from Vessco Water, where he was most recently the Chief Development Officer and previously, the Chief Financial Officer. Known for unlocking enterprise value and driving operational excellence, he brings deep expertise in M&A, finance, accounting, and tax from PE-backed platforms. Dan has meaningfully scaled businesses and is recognized for being a results-driven leader while engaging and developing talent.

As CFO, Dan will oversee all aspects of the Company’s finance and accounting functions, including financial reporting, planning and analysis, treasury, M&A diligence and integration.

“I am honored to partner with O2 for a second time, alongside the Steffl family, to build the Aqua Forge platform,” said Dan. “Together we will continue delivering water well drilling and repair services to our customers while creating the infrastructure that will make Aqua Forge the platform of choice for other water well drilling businesses.”

William Laffrey of O2 commented, “We are excited to announce the Aqua Forge brand and even more thrilled to welcome Dan to the team. We are confident Dan is the right financial leader to drive value creation and help scale the platform, both organically and through acquisitions. The new brand and addition of Dan signal our commitment to build the leading nationwide water well drilling and repair services platform.”

About Aqua Forge
Aqua Forge is a leading provider of water well drilling and repair services committed to quality, service, and reliability for municipal, agricultural, commercial, and residential customers across the Upper Midwest. Utilizing advanced drilling equipment and technologies to minimize disruption and service critical infrastructure, the Company offers a comprehensive suite of services, including repair, replacement, maintenance, and new well installation.

About O2 Investment Partners
O2 Investment Partners is a Midwestern-based private equity firm that seeks to acquire majority interests in lower middle market B2B services, technology, and select industrial companies. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value. O2 invests with a view toward partnering with management to build and grow the business and take it to its next stage of development. This requires not only a clear vision and strategic plan to create shareholder value, but a close partnership and alignment of interest with management. Additional information is available at www.o2investment.com.