The billionaire has teamed up with UK entrepreneur Jonathan Kendrick to launch the drinks company and has laid down a strategy to “identify, develop and market highly innovative ‘game-changing’ consumer products, globally”.

Rok Stars has not disclosed the value of the Oval buy-out. 

Kendrick said: “Given the phenomenal multi-billion dollar success of Patron Tequila, which is now by far the most successful and biggest premium tequila brand in the world, John Paul and I have been looking at other opportunities to develop new consumer products which the established players in each category would find it very difficult to compete against.”

Oval vodka, which carries the slogan ‘Enjoy More, Hurt Less’, is joined in the Rok Stars stable by an energy drink and bottled water.

John Paul DeJoria said: “All three of our initial Rok Stars launch products have the potential to do what Patron has done to the tequila market in their respective categories; to become billion dollar brands.”

According to Rok Stars, it owns the international patent for the production process of Oval vodka.

Kendrick said: “Oval is wholly unique in the spirits market in that during its patented distillation process we bond water molecules to the alcohol molecules naturally, thus reducing the de-hydrating effect of consuming alcohol."