Mark Wahlberg (L) and Sean Combs pose onstage while hosting a press conference to announce their newest venture, Water Brand AQUAhydrate on February 27, 2013 in West Hollywood, California. (Photo by Jason Merritt/Getty Images for AQUAhydrate)

Sean ‘Diddy’ Combs teams up with actor/producer Mark Wahlberg for their newest business venture, the AQUAhydrate water brand.

According to a press release on Premium Ultra, the two stars announced a joint venture with the Southern-California-based performance water brand earlier today.

AQUAhydrate is associated with several professional athletes and teams, including Rob Gronkowski, New England Patriots tight end, Denver Nuggets forward Jordan Hamilton, and the entire Los Angeles Clippers team.

The water contains electrolytes and natural trace minerals and is “purified to some of the most rigorous standards in the industry,” according to the AQUAhydrate website.

Alongside CEO John Cochran, former president of Fiji Water, Combs and Wahlberg will oversee business strategy, vision, and brand partnerships.

AQUAhydrate received BevNET’s Best of 2012 award for Best Product Revamp.

“This is a truly innovative company, and I’m thrilled to be part of it,” Wahlberg said in the Premium Ultra release.  “We all strive to do the best we can for our bodies but sometimes schedules, stress and other factors get in the way.  AQUAhydrate helps me achieve the balance my body needs, no matter what.  I enjoy being involved in every aspect of the AQUAhydrate brand and I’m looking forward to a very successful partnership.”

Diddy commented: “As a brand architect, I am incredibly passionate and equally committed to every aspect of the businesses that I get involved with.  Partnering with AQUAhydrate and Mark is an incredible opportunity for me and I am looking forward to making history in the process.  It’s important for me to be part of something that drives me and is constantly pushing the boundaries, and that’s what AQUAhydrate does.  Together, we’re going to take AQUAhydrate to the next level.”

Follow Carrie Healey on Twitter @CarrieHeals.