Key Takeaways
- • O2 Investment Partners, a Midwestern private equity firm, has branded its water well drilling and repair services platform as Aqua Forge, a platform established in April 2026.
- • Dan Axelson has been appointed Chief Financial Officer of Aqua Forge, joining from Vessco Water, where he was most recently Chief Development Officer and previously CFO.
- • Axelson will oversee financial reporting, planning and analysis, treasury, and M&A diligence and integration, with a mandate to help scale the platform organically and through acquisitions.
- • The platform follows O2's initial investment in Steffl Drilling & Pump and is designed to support future partnerships with complementary water well businesses.
Summary
O2 Investment Partners has announced the branding of its water well drilling and repair services platform, Aqua Forge, which was established in April 2026, according to a Business Wire release. The platform builds on O2's initial investment in Steffl Drilling & Pump and is intended to serve as a vehicle for future partnerships with other complementary businesses in the sector.
Aqua Forge positions itself as a provider of water well drilling and repair services to municipal, agricultural, commercial, and residential customers across the Upper Midwest. The company offers repair, replacement, maintenance, and new well installation, and states that it uses advanced drilling equipment and technologies designed to minimize disruption and service critical infrastructure.
To support the next phase of growth, O2 has appointed Dan Axelson as Chief Financial Officer. Axelson joins from Vessco Water, where he most recently served as Chief Development Officer and previously as CFO. The release describes his background as covering M&A, finance, accounting, and tax from PE-backed platforms. As CFO, he will oversee all finance and accounting functions, including financial reporting, planning and analysis, treasury, and M&A diligence and integration.
William Laffrey of O2 said the firm was confident Axelson is the right financial leader to drive value creation and scale the platform both organically and through acquisitions, and that the brand and leadership addition signal O2's commitment to building a leading nationwide water well drilling and repair services platform. Axelson said he was honored to partner with O2 for a second time, alongside the Steffl family, and that the goal is to create the infrastructure that will make Aqua Forge the platform of choice for other water well drilling businesses.
O2 Investment Partners describes itself as a Midwestern-based private equity firm that acquires majority interests in lower middle market B2B services, technology, and select industrial companies.
Aqua Forge positions itself as a provider of water well drilling and repair services to municipal, agricultural, commercial, and residential customers across the Upper Midwest. The company offers repair, replacement, maintenance, and new well installation, and states that it uses advanced drilling equipment and technologies designed to minimize disruption and service critical infrastructure.
To support the next phase of growth, O2 has appointed Dan Axelson as Chief Financial Officer. Axelson joins from Vessco Water, where he most recently served as Chief Development Officer and previously as CFO. The release describes his background as covering M&A, finance, accounting, and tax from PE-backed platforms. As CFO, he will oversee all finance and accounting functions, including financial reporting, planning and analysis, treasury, and M&A diligence and integration.
William Laffrey of O2 said the firm was confident Axelson is the right financial leader to drive value creation and scale the platform both organically and through acquisitions, and that the brand and leadership addition signal O2's commitment to building a leading nationwide water well drilling and repair services platform. Axelson said he was honored to partner with O2 for a second time, alongside the Steffl family, and that the goal is to create the infrastructure that will make Aqua Forge the platform of choice for other water well drilling businesses.
O2 Investment Partners describes itself as a Midwestern-based private equity firm that acquires majority interests in lower middle market B2B services, technology, and select industrial companies.
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