Kerry Group's €239m ($206m) takeover of Golden Vale is the start of a €2bn acquisition programme to take Ireland's largest dairy and foods manufacturer deeper into the food ingredients market.

Davy Corporate Finance, the advisory arm of Davy, Ireland's largest stockbroker, is charged with completing the transformation of Kerry, the one-time dairy co-operative into an international player in the foods ingredients business. Bankers at Davey declined to comment.