The publisher is planning to utilise the resources of its parent group Omnicom across the Atlantic rather than running separate publishing operations.
Redwood set up the Toronto-based business, Redwood Custom Communications (RCC), in 1999, and held a 50% stake with Transcontinental Media holding the other 50%. Redwood has sold the stake to Transcontinental Media.
While the Canadian business had been profitable every year, according to Redwood, the publisher said it is now keen to have full control over overseas operations.
The offer from Transcontinental means that Redwood will now be free to licence its name in a new North American venture, likely to be in the US, where it will share resources with sister agency network BBDO.
Redwood UK chairman Christopher Ward said: "Our joint venture with the two co-founders, Eric Schneider and Mitch Wine, has been a successful and profitable one, but Redwood now needs more flexibility in the way we service global clients."
"The Omnicom agency network provides an attractive creative alternative to the establishment of multiple publishing centres with duplicated overheads.
"For instance, by launching Mazda's global customer magazine Zoom Zoom in partnership with Proximity Tokyo, we have been able to tap into local intelligence while establishing dedicated creative teams in Mazda's key markets around the world.
"This is the model we will be developing to exploit the growing global opportunities in customer communications, whether in print or digital formats, in the United States as well as other world markets."
Redwood's clients include Marks & Spencer and Boots and the company produces work in 75 countries.
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