I just checked the (USA) catalog. The Squadra was 8th in a lineup of 14 lighweight models, not including track and grand touring bicycles. It was Ofmega equipped and was the least expensive Italian equipped model. It was lalso the lowest model with a full Formula II frameset.
Ofmega (and Gipiemme) produced a full range of components. Generally, they were considered the poor 2nd cousins to Campagnolo, but they were often better value in their price ranges. They just lacked the prestige of Campagnolo. For instance, that Premier rear derailleur will outshift any Campagnolo product from the era.