SHANGHAI - Private equity firm Carlyle Group has invested 530 million yuan ($87 million) in Chinese vending machine operator Beijing Ubox Technology & Trade Co Ltd.

A press release Carlyle issued on Wednesday did not disclose the size of the purchased stake, but said it made the investment through Carlyle Beijing Partners Fund, a Renminbi fund it established with the support of the Beijing government.

"China's vending machine market is still at an early stage of development, with great potential for growth," said Eric Zhang, managing director of the Carlyle Asia buyout team.

In addition to traditional vending machines, Ubox allows customers to shop online via a mobile application and collect purchases at a vending machine.

Established in 2010, Ubox has more than 30,000 vending machines across 58 cities.

"The partnership will allow us to expand our vending machine network in China, improve our digital marketing and advertising business and explore other value-added services for customers," said Ubox chairman Wang Bin.

Wang said China's vending machine industry is expected to grow rapidly in the next 10 years as a result of urbanization and stable economic growth.

Carlyle's latest stake purchase follows a combined $235 million investment in a logistics company in Shanghai and a leasing firm in Beijing in late June.

By that point, it had invested approximately $6.3 billion of equity in 81 transactions in China.